Business Daily from THE HINDU group of publications
Wednesday, May 14, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Wednesday, May 14, 2008 ePaper | Mobile/PDA Version |
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Update at 1900 hrs (IST)
Industry Excise duty collection falls 3.9% in April NEW DELHI: Excise duty collection by the Government fell by 3.9 per cent to Rs 6,410 crore in the first month of the current fiscal against Rs 6,673 crore a year ago. However, customs duty collection grew by 24.9 per cent at Rs 9,018 crore in April against Rs 7,221 crore in the same month last year, thanks to high growth in imports. As such, total indirect tax collections (excluding service tax) rose by 11 per cent to Rs 15,428 crore against Rs 13,894 crore during the period, according to official figures released today. Excise duty collection has been falling short of target for quite some time. Revised estimates for collections under this head had to be cut to Rs 1,27,947 crore for 2007-08 from Rs 1,30,220 crore in the Budget estimates. Even this truncated target could not be met and the Centre could collect only Rs 1,25,000 crore from excise duty during the year. This year's excise duty collections target is pegged at Rs 1,37,874 crore at a time when the general Cenvat duty is reduced from 16 per cent to 14 per cent in the Budget. Excise duty has been reduced on small cars to 12 per cent from 16 per cent and hybrid cars to 14 per cent. For all pharma goods, the rate was cut to eight per cent from 16 per cent. - PTI
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