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 :: list of goods taxed at 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARD :: VAT Audit :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: due date for vat payment :: ACCOUNTING STANDARDS :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Service Tax »
 GST to strengthen organised logistics companies
 No need for Parliament nod to waive property tax in Delhi
 CBEC to be renamed, reorganised for GST regime
  GST debate now continues on categorisation of products
 GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks
 FM Arun Jaitley underlines urgency to pass GST bills in this Parliament session
 Government may table 4 GST bills in Parliament today
 Applicability Of Gst Law On Educational Institutions
 Cabinet clears 4 Bills, GST likely to roll out by July 1
 GST may also impact income tax collections: Experts
 Companies, consultants grope in the dark to meet GST deadline

Factory slowdown, refunds narrow indirect tax mop-up
May, 15th 2014

The continuing contraction in the manufacturing sector, significant decline in imports and huge refunds slowed down the indirect tax collection during the first month of the current fiscal. Indirect tax collections recorded a growth of just 3.5 per cent year-on-year in April, an official source said. The total indirect tax receipts stood at Rs 34,174 crore.

“The moderation in growth has been on account of a sharp decline in oil and gold imports. Also, the refund has been higher year-on-year,” the official said.

During the month, excise duty mop-up was Rs 10,085 crore, a growth of just 12 per cent year-on-year due to high Cenvat credit and drawback refund.

What has also added to the moderation is the contraction in the industrial production. As reflected by the index of industrial production (IIP), which shrank 0.5 per cent in March, the manufacturing sector declined 0.8 per cent in FY14 as investments dried up due to high cost of credit and hurdles in project implementation.

During the last fiscal, the major contributors to the excise kitty included cigarettes, iron and steel, cars and other motor vehicles for transport, non-electrical machinery, and oil and motor spirits. These commodities comprised over 80 per cent of the total net collection of Rs 1,69,905 crore.

According to figures released in the Interim Budget document, the outgoing government has projected gross tax revenue to grow 19 per cent while growth in indirect tax receipts has been pegged at 18.8 per cent.

The officials in the revenue department say that the projection is too tall an order to meet given the current economic condition. The projection will be revised once the new government takes charge.

Further, the collection from custom duty stood at Rs 11,702 crore, a decline of 10.6 per cent year-on-year due to the decline in import of gold and petroleum products.
to help us personalise your reading experience.

In April, imports declined over 15 per cent with oil imports declining 0.6 per cent to stand at $12.97 billion. In FY14, the top 10 commodities that contributed to the customs duty collection included: electrical machinery, chemicals, iron and steel, plastics, motor vehicles and parts and rubber articles. These items collectively added to over 71 per cent of the customs duty proceeds.

Service tax collection in April stood at Rs 12,359 crore, up 13.4 per cent.
Share on facebookShare on twitterShare on google_plusone_shareShare on redditShare on linkedinShare on pinterest_shareMore Sharing Services

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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