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 :: cpt :: due date for vat payment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: empanelment :: TDS :: Central Excise rule to resale the machines to a new company :: form 3cd
« 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

Customs duty collection falls 8.8%
May, 22nd 2012

Indirect tax collections recorded a modest growth of 10.4 per cent at Rs 33,045 crore in April 2012, against Rs 29,936 crore in the year ago period, as customs collections fell by 8.8 per cent due to duty drawback outgo and cut in duty on petroleum products last year.

This rise in collections in the first month of the financial year is significantly lower than the governments target of 27 per cent increase in indirect collections in 2012-13.

For fall in customs duty collections, there are two-three reasons, including cut in duty on petroleum products. We have given more drawbacks in April this year, compared to last year, by about Rs 500 crore. Also, there was a strike on account of jewellery gold imports which also affected collections in April, Central Board of Excise and Customs (CBEC) Chairman S K Goel told reporters on Monday.
Service tax mop-up contributed Rs 8,846 crore to the total indirect tax collection kitty by growing at 36.5 per cent in April 2012. Excise duty collections increased by 17.8 per cent to Rs 12,605 crore, while customs duty collections declined to Rs 11,594 crore from Rs 12,714 crore in April 2011.

The government increased both the excise duty and service tax by two per cent each to 12 per cent in the Budget. It estimated its total indirect tax collections to reach Rs 4,99,694 crore in 2012-13, against the actual collection of Rs 3,92,781 crore in 2011-12.

The last years collections fell short of the Budget Estimate as the economic growth slowed down and duties on petroleum products were slashed. In June 2011, the government had removed customs duty of five per cent it levied on petroleum crude, brought down import duty on petrol and diesel from 7.5 per cent to 2.5 per cent and on other petroleum products to 5 per cent from 10 per cent. It also abolished the Rs 2.6 per litre basic excise duty on diesel, resulting in an estimated annual loss of Rs 49,000 crore to the government in 2011-12.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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