Financial Daily from THE HINDU group of publications
Tuesday, Dec 14, 2004
Financial Daily from THE HINDU group of publications Tuesday, Dec 14, 2004 |
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Industry & Economy
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Excise and Customs Customs, excise duty collections dip in Nov
Richa Mishra
New Delhi , Dec. 13 CUSTOMS and excise duty collections of the Central Government dipped in November 2004 as against the respective collection levels recorded in the previous month. Service tax collections for November 2004 were, however, encouraging, official sources said. According to the latest collection estimates available with the revenue department, customs duty collections for November 2004 stood at Rs 4,977 crore. This is substantially lower than the Controller General of Accounts (CGA) estimate of Rs 5,540 crore of customs duty collections for October this year. Excise duty collections continued to be an area of concern for the revenue department. The collections in November 2004 dipped to Rs 7,078 crore as against the CGA estimate of Rs 9,621 crore for October 2004. According to the CGA, customs duty collections for the period April-October 2004 stood at Rs 30,745 crore. Excise duty collections for the same period stood at Rs 46,243 crore. In November 2004, service tax collections of the Central Government touched a level of Rs 891 crore. Informed sources held that this could be considered as the best collection performance in any month so far in the current fiscal although this was aided by an increased service tax rate and a larger basket of services under the service tax net. For the period April-September 2004, service tax collections of the Centre stood at Rs 4,799 crore (Rs 2,814 crore). In September 2004 alone, the service tax collections stood at Rs 676.22 crore. The Centre has pegged the budget estimate for 2004-05 for service tax at Rs 14,150 crore. Official sources held that the revenue department would be able to meet the Budget estimate of Rs 14,150 crore even as they were apprehensive of meeting any upward revision to this target.
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