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What could be seen as an indication of improving industrial performance, the Central Board of Excise and Custom (CBEC) has said that excise collection has grown over 17 per cent during April-May 2012.
Central excise is levied on the final product and collected at the factory gate. The Government is scheduled to release industrial data for April on Wednesday.
According to the board, “The growth in Central excise revenue for May 2012 is 16.2 per cent and the overall growth in Central Excise Revenue up to May 2012 is over 17 per cent. At the same time, customs duty collection has turned positive in the month of May, but still negative for the two-month period.”
The board also said that the overall growth in indirect tax revenue collection during May 2012 is about 16.1 per cent which is 5.7 per cent higher than April.
Further, the progressive growth of indirect taxes during April-May of the current financial year is 13.3 per cent, and the actual amount is Rs 8,256 crore higher than the corresponding period of last financial year. Indirect taxes include customs duty, excise duty and service tax.
Service tax collection is growing at better rate. It is expected to increase much faster from July when the Negative List of Service Tax comes into effect. Apart from services prescribed in the negative list, all other services will be brought under service tax. At present 119 services are under service tax.
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