First quarter customs excise collection at Rs 48,732 cr; service tax receipts may cross Rs 50k cr
Indirect tax collection, too, seem to be keeping pace with direct tax collection this fiscal. The government collected Rs 48,732 crore through customs and excise duties in the first quarter ended June 30.
This is a 12.7% rise compared with Rs 43,237 crore during April to June last fiscal.
While customs duty receipts rose 19.8% at Rs 23,571 crore, excise duty collection grew by 6.8% at Rs 25,161 crore during the quarter.
In the month of June, customs collection was up 15.9% at Rs 8,183 crore against Rs 7,059 crore during the same month last year.
However, excise duty collection were lower. They witnessed a growth of just 7.6% to stand at Rs 9,313 crore. The rise in customs duty collections has been attributed to increased imports of oil and other goods by the industry. The recent phenomenon of rupee appreciation has also made import attractive, leading to increased revenue, officials said.
The robust customs and excise duty collection came on the back of a 11.1%growth in industrial output during May this year.
Heading North Customs duty receipts rose 19.8% at Rs 23,571 crore Excise duty collection grew by 6.8% at Rs 25,161 crore In June, customs collection was up 15.9% at Rs 8,183 crore Customs duty receipts are expected to increase by 20.01% to Rs 77,066 crore during 2007-08 Excise revenue is expected to increase by 6.25% at Rs 1,19,000 crore
The government also earned Rs 3,001 crore in May compared with Rs 2,188 crore in the same month a year ago, a healthy growth of 37.2%.
The consolidated revenue collection from the service tax from April-May period stood at Rs 5,878 crore, against Rs 4,163 crore in the same period last year, up 41.2%.
The government estimates that service tax collection will cross Rs 50,000 crore this fiscal.
According to Budget estimates, customs duty receipts are expected to increase by 20.01% to Rs 77,066 crore during 2007-08 while excise revenue was expected to increase by 6.25% at Rs 1,19,000 crore.