Financial Daily from THE HINDU group of publications
Sunday, Jan 16, 2005
Financial Daily from THE HINDU group of publications Sunday, Jan 16, 2005 |
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Industry & Economy
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Taxation Indirect tax collections up 12.23% in April-Dec Our Bureau
New Delhi , Jan. 15 INDIRECT tax collections of the Central Government has registered a 12.23 per cent increase in the first nine months (April-December 2004) of the current fiscal at Rs 1,17,856.86 crore as against a collection level of Rs 1,05,011.03 crore achieved in the same period during the previous year. The centre has budgeted indirect tax collections for 2004-05 at Rs 1,77,599 crore as against revised estimates of Rs 1,50,029 crore for 2003-04. While Customs duty collections have registered a healthy growth of 13.5 per cent to touch Rs 41,211.44 crore during April-December 2004 (Rs 36,309.88 crore during April-December 2003), the growth in excise duty collections for the period under review has been lower than the growth rate anticipated while arriving at the Budget estimates for 2004-05. Excise duty collections during April-December 2004 stood at Rs 68,425.86 crore, representing a 7.56 per cent increase over the collection level of Rs 63,616.69 crore during April-December 2003. The Budget estimate for excise duty for 2004-05 has been pegged at Rs 1,09,199 crore, which represents an 18.20 per cent increase to the revised estimate of Rs 92,379 crore for 2003-04. In the case of Customs duty, the budget estimate for 2004-05 stood at Rs 54,250 crore as against the revised estimate of Rs 49,350 crore for 2003-04. The Centre's service tax collections for April-December 2004 stood at Rs 8,219.56 crore, according to the latest data on indirect taxes released by the Finance Ministry. Service tax collections during the same period in the previous year stood at Rs 5,084.46 crore. The Centre has budgeted service tax collections for 2004-05 at Rs 14,150 crore. Meanwhile, an official release said that the anti-evasion activities of the Central Excise Department have been accelerated. From April-December 2004, the department realised Central excise duty amounting to Rs 160 crore and issued notices demanding duty of Rs 1,641 crore to manufacturers who were evading Central excise duty. The major commodities that have been found to be evasion prone are automobile components and parts, iron and steel products, pan masala, gutkha, chewing tobacco, polyester yarn and bulk drugs. As regards Customs duty, show-cause notices demanding Customs duty of Rs 1,438.34 crore have been issued, during the first nine months of the current fiscal. A case of evasion of Customs duty of Rs 42 crore has been detected against two Chennai-based advance licence holders who diverted 9,763 tonnes of duty free imported stainless steel sheets/coils to the local market.
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