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CBEC optimistic of meeting target
Indirect tax collections rose 16.8 per cent during the first eight months of the current fiscal to Rs 2,52,544 crore, prompting the Central Board of Excise and Customs (CBEC) to express “optimism” in achieving the revised Budget estimate target.
However, Central Excise collections dropped by 6.5 per cent to Rs 11,761 crore in November, mainly on account of cut in petroleum duties and lesser clearances.
“There has been a fall in Central Excise, which is a matter of concern. I have called a meeting to discuss why Central Excise is showing negative growth,” CBEC Chairman S K Goel told reporters here.
The excise duty collections increased by 9.3 per cent in the April-November period to Rs 94,441 crore as against Rs 86,379 crore in the same period last year. Realisation from customs duties increased by about 15.2 per cent to Rs 1,00,062 crore, figures showed.
“We have achieved 63.04 per cent of budget estimates of indirect taxes till November against 62.83 in same period of the previous fiscal”, Goel said.
“I am optimistic of achieving the revised indirect tax targets of over Rs 4 lakh crore,” he said.
Data also revealed that total indirect tax mop up in November went up 6.36 per cent at Rs 31,082 crore from Rs 29,222 crore in the same month last year. The biggest contribution to the indirect tax collections came from service tax, which expanded 35.29 per cent in the April-November period toRs 58,041 crore, as againstRs 42,901 crore in the corresponding period of last year. Service tax mop-up in November increased by a robust 41.7 per cent to Rs 7,232 crore, against Rs 5,102 crore in the same month last year.
Besides, realisation from customs in November rose 4.7 per cent to Rs 12,089 crore.
“I do not expect robust recovery in the last 4 months, but historically we recover more in March. Government purchases are more in March” Goel said.
In June this year, the duties on petroleum were slashed to provide a cushion against hike in petrol, LPG and kerosene prices that month. The move is estimated to cause an annual loss of Rs 49,000 crore to the exchequer.
Indirect tax collections rose 16.8 per cent during the first eight months of the current fiscal to Rs 2,52,544 crore, prompting the Central Board of Excise and Customs (CBEC) to express “optimism” in achieving the revised Budget estimate target.
However, Central Excise collections dropped by 6.5 per cent to Rs 11,761 crore in November, mainly on account of cut in petroleum duties and lesser clearances.
“There has been a fall in Central Excise, which is a matter of concern. I have called a meeting to discuss why Central Excise is showing negative growth,” CBEC Chairman S K Goel told reporters here.
The excise duty collections increased by 9.3 per cent in the April-November period to Rs 94,441 crore as against Rs 86,379 crore in the same period last year. Realisation from customs duties increased by about 15.2 per cent to Rs 1,00,062 crore, figures showed.
“We have achieved 63.04 per cent of budget estimates of indirect taxes till November against 62.83 in same period of the previous fiscal”, Goel said.
“I am optimistic of achieving the revised indirect tax targets of over Rs 4 lakh crore,” he said.
Data also revealed that total indirect tax mop up in November went up 6.36 per cent at Rs 31,082 crore from Rs 29,222 crore in the same month last year. The biggest contribution to the indirect tax collections came from service tax, which expanded 35.29 per cent in the April-November period toRs 58,041 crore, as againstRs 42,901 crore in the corresponding period of last year. Service tax mop-up in November increased by a robust 41.7 per cent to Rs 7,232 crore, against Rs 5,102 crore in the same month last year.
Besides, realisation from customs in November rose 4.7 per cent to Rs 12,089 crore.
“I do not expect robust recovery in the last 4 months, but historically we recover more in March. Government purchases are more in March” Goel said.
In June this year, the duties on petroleum were slashed to provide a cushion against hike in petrol, LPG and kerosene prices that month. The move is estimated to cause an annual loss of Rs 49,000 crore to the exchequer.
