EXCISE COLLECTIONS DIP 4% IN APRIL

In an indication that industrial production may have fallen in April this year, excise duty collections declined nearly 4 per cent to Rs 6,410 crore in the month, as compared to Rs 6,673 crore in the same period last year. Another factor contributing to the decline may well be the excise duty rate being cut to 14 per cent from 16 per cent from March 1 this year. Excise duty collections need to grow at around 10 per cent to reach the budget estimate of Rs 1,37,874 crore for 2008-09, as against about Rs 1,25,000 crore actually collected in 2007-08. Customs duty collection however, registered a 25 per cent growth at Rs 9,018 crore in the first month of fiscal 2008-09, as compared to Rs 7,221 crore in the same month in 2007-08. Indirect taxes consist of excise duty, customs duty and service tax. Service tax collections data for the month is yet to be announced. – www.business-standard.com