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: empanelment :: VAT Audit :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: form 3cd :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Customs and Excise »
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
 GST notification triggers uncertainty over excise duty
 Preparing for GST: govt looking at restructuring excise/customs cadre
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
 CBEC directs customs officials for random search of vessels
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016

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

Reflecting signs of slowdown, the indirect tax collections during October declined by 2.5 per cent 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 per cent 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 per cent 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 per cent 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 per cent 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 per cent 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 per cent, 10.6 per cent and 33.6 per cent 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 per cent from 8.7 per cent 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 per cent year-on-year increase in indirect tax collection at Rs 3.98 lakh crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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