BackCustoms, excise kitty up 13% in May
Customs, excise kitty up 13% in May
Premium
PTI
New Delhi: After dipping in April, excise duty collections grew by 4.4% in May helping the government mop up 12.8% higher revenues at Rs35,216 crore from indirect taxes, barring service tax, for the first two months of this fiscal.
Data for service tax collections are available only for April and the collection under this head grew by as much as 40% to Rs6,093 crore that month, according to an official release here.
Excise duty collections grew 0.9% at Rs15,993 crore for the first two months of this fiscal compared to same period last year, boosted by 4.4% growth in May at Rs9,583 crore against Rs9,175 crore in the same month last year.
Excise collections had fallen 3.9% to Rs6,410 crore in April, against ₹ 6,673 crore the same month last year.
Finance minister P Chidambaram had said that meeting the excise collection target this fiscal appeared to be a formidable task.
Customs duty mop-up was up 25.1% for the first two months at Rs19,223 crore. Collections under this head grew 25.2% to Rs10,205 crore in May.
Despite cut in customs duty on various items to tame inflation, the government hopes to meet the collection target under this head for this fiscal.
Customs duty and service tax collections are targeted to grow at 14.4% and 26.1% during the current fiscal, respectively.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
