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Excise duty collections maintain July pace
August, 21st 2014

Excise duty collections sustained the momentum gained in the previous month in July, helping the overall indirect tax receipts to grow at 4.9% to R41,890 crore.
Collections from central excise, customs and service tax in the April-July period grew at 3.9% to R1.54 lakh crore, representing a fourth of the R6.2 lakh crore targeted for the full fiscal.

Relying on a recovery seen in excise duty receipts which signalled a moderate pick-up in manufacturing,

finance minister Arun

Jaitley recently said the revenue target for indirect taxes for the fiscal were challenging but were very much achievable.

Central excise collections grew steadily at 7.5% in July to R14,127 crore after an 8.1% growth recorded in the previous month. On account of the poor collection in the initial months of the fiscal, excise collection in the first four months still showed a contraction of 0.4% at R48,195 crore.

Customs duty receipts showed a paltry growth of 0.2% in July at R15,756 crore despite having recorded a 6% growth in the previous month. In the April-July period, import duty receipts showed a 2.2% contraction at R55,303 crore.

Service tax receipts grew at 8.4% in July to R12,007 crore, down from 28% growth recorded in the previous month. In the first four months of the fiscal, service tax receipts grew at 16.4% to R50,850 crore.

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