India’s excise mop-up slows on sluggish industrial growthJune 17th, 2008 - 7:02 pm ICT by IANS
New Delhi, June 17 (IANS) India’s excise duty collections registered a growth of just 0.9 percent in May due to the slowdown in the expansion of the country’s industrial output, official data showed Tuesday. Excise duty collections were estimated at Rs.159.93 billion for the month, against Rs.158.48 billion in May 2007, even though customs duty mop-up was high by an impressive 25.1 percent, said the fresh data.
Customs duty collections, the data showed, stood at Rs.192.23 billion, against Rs.153.69 billion in the corresponding month of last fiscal. The service tax mop-up was higher by 40 percent at Rs.60.93 billion, against Rs.43.52 billion.
The indirect tax collections, as a result, registered a rise of 12.8 percent at Rs.352.16 from Rs. 312.17 billion earlier, showed the data released by the finance ministry.