Excise duty collection slips by 6.5%

Business

oi-Monika

By Monika Nihalani

Published: Saturday, December 10, 2011, 16:11 [IST]

The Central Board of Excise and Customs are optimistic in achieving indirect taxes target as per projected in the budget. Economy meltdown and not so favorable global market have affected the receipts of excise duty which is declined by 6.5% in the month of November.

During November, the customs duties collections climbed by 15.2% to Rs 100,062 crore and service tax collections also increased by 43 per cent to Rs 7,232 crore. Overall indirect tax collections rose by 6.36% to Rs 31,082 crore against Rs 29,222 crore reported a year ago.

The Central Board of Excise and Customs (CBEC) Chairman SK Goel said, "I am optimistic of achieving the revised indirect tax targets of over Rs 4 lakh crore."

In November, domestic car sales have gone up by 7%, this increase in industry has raised hopes of increase in excise collection.

Goel said “We have achieved 63.04 % of budget estimates of indirect taxes till November against 62.83 % in the same period of the previous fiscal … I am optimistic of achieving the revised indirect tax target of over Rs.4-lakh crore”. By adding further he said, "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."