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Excise duty receipts drop 15% in Nov
December, 17th 2008
The Centres excise duty revenues declined 15 per cent in November 2008 to Rs 8,556 crore compared with Rs 10,065 crore recorded in the same month last year. This collection performance is in sharp contrast to the 5.3 per cent year-on-year growth recorded in November last year. Even sequentially there has been a decline in excise revenues when compared with collections of Rs 9,399 crore in October 2008. Industry observers point out that October and November are usually good months for excise duty collections, with demand for consumer goods being generally strong in these festive season months. However, the weak industrial output for October amid economic slowdown and the impact of global financial turmoil had adversely impacted excise collections, say industry experts. For the April-November 2008 period, excise duty revenues had declined by 1.5 per cent to Rs 73,878 crore (Rs 75,013 crore). The economic slowdown had prompted the Government to recently announce an across-the-board 4 percentage point reduction in Cenvat duty rate. Customs duty revenues too saw a decline in November 2008, for the second month in a row, with collections at Rs 8,931 crore compared with Rs 9,005 crore in November 2007. Customs duty revenues in October 2008 stood at Rs 9,265 crore. For the April-November 2008 period, customs duty revenues grew 13 per cent at Rs 75,551 crore (Rs 66,838 crore). In the same period last year, customs revenues grew 17.2 per cent on a year-on-year basis. In the case of service tax, the figures for November 2008 are yet to be collated and released. The Centres service tax collections during April-October 2008 stood at Rs 34,958 crore, registering a 29.6 per cent growth over Rs 26,971 crore. In October 2008, the Centres service tax collections stood at Rs 4,366 crore (Rs 3,767 crore) Direct tax front Meanwhile, on the direct tax front, the Central Board of Direct Taxes said that it was yet to get an All-India picture on the advance tax paid for the December 15 instalment. Net direct tax collections during the first eight months (up to November 2008) stood at Rs 1,77,251 crore, up 22.2 per cent over Rs 1,45,053 crore in the same period last year.
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