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Sunday, December 11, 2011

Excise mop-up dips again in November.


New Delhi: For the second time in last three months, central excise collections slipped into negative terrain, raising concerns of the government missing the indirect tax target for the year. During April-November, the collections were estimated at Rs.2.52 lakh crore, which is 63 % of the budget estimates for 2011-12.

Central Board of Excise and Customs (CBEC) chairman S K Goel said that the latest figures have raised concern about meeting the revised target of Rs.4 lakh crore.

He said in November, collection were Rs.11,761 crore, 6.5% lower than the corresponding period last year when it was Rs.12,574 crore.

During April-November collection rose by of 9% to Rs.94,441 crore. However, the drop in November was mainly on account of a reduction in taxes on petroleum products and fewer clearances, Goel said.

The total indirect tax collections rose 16.8% during the first eight months of the current fiscal to Rs.2,52,544 crore. "There has been a fall in central excise, which is a matter of concern. I have called a meeting of senior officials to discuss why central excise is showing negative growth," the CBEC chairman told reporters.


Source: Times Of India - 10-12-2011

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