Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company
 
 
Indirect Tax »
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target
 GST in last lap: What's in it for businesses, firms and most importantly, you?
 Indirect tax collection: All you want to know about stuck cases and rejected appeals
 Government achieves revised tax collection target
 Keep indirect taxes 'low, affordable' under GST

Decline in customs, excise pulls down Oct indirect tax mop up
November, 08th 2011

Reflecting signs of slowdown, the indirect tax collections during October declined by 2.5 percent mainly on account of drop in realisation from customs and central excise during the month.

Collections from customs dropped by as much as 11.6 percent in October to Rs 11,357 crore from Rs 12,849 crore in the same month last fiscal, Finance Ministry sources said.

In case of central excise, collection during October was Rs 10,527 crore, down 5.3 percent from Rs 11,120 crore in the same period last fiscal.

The decline in the total indirect tax collection would have been much sharper but for the 18.4 percent growth in realisation from service tax.

The service tax collection during the month rose to Rs 8,394 crore from Rs 7,089 crore in October 2010.

The total indirect tax collection during October declined by 2.5 percent to Rs 30,278 crore from Rs 31,058 crore in the corresponding month last fiscal.

However, as far as April-October period is concerned, the indirect tax collection showed an increase of 17.8 percent to Rs 2.01 lakh crore from Rs 1.70 lakh crore during the corresponding period in the last financial year.

The increase during the first seven months of the current fiscal was on account of higher collections from customs, central excise and service tax which rose by 16.6 percent, 10.6 percent and 33.6 percent respectively.

During April-October customs collection was Rs 86,156 crore (up from Rs 73,895 crore during corresponding period of last fiscal), central excise Rs 69,511 crore (Rs 62,838 crore) and service tax Rs 45,391 crore (Rs 33,977 crore).

The decline in indirect tax collection during the later part of the financial year can be attributed to poor performance of the industrial sector and also the decision of the government to reduce duties on petroleum goods to partly offset the impact of price hike on consumers.

The industrial production during April-August moderated to 5.6 percent from 8.7 percent during the corresponding period in 2010-11.

The government in June had reduced customs and excise duties on petroleum goods sacrificing revenues to the tune of Rs 49,000 crore during the fiscal.

For the current fiscal, the government targets an 18 percent year-on-year increase in indirect tax collection at Rs 3.98 lakh crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions