After dipping into negative growth in April, excise duty collections grew by 4.4 per cent in May helping the government mop up 12.8 per cent higher revenues at Rs 35,216 crore from indirect taxes, barring service tax, for the first two months of this fiscal.
Data for service tax collections are available only for April and the collection under this head grew by a whopping 40 per cent at Rs 6,093 crore in that month, according to an official release in New Delhi.
Excise duty collections grew by 0.9 per cent at Rs 15,993 crore for the first two months of this fiscal compared to same period in 2007, boosted by 4.4 per cent growth in May at Rs 9,583 crore against Rs 9,175 crore in the same month last year.
For the month of April, collections under excise duty had fallen by 3.9 per cent to Rs 6,410 crore against Rs 6,673 crore in the same month last year.
Finance Minister P Chidambaram had said that meeting target of excise duty collections for this fiscal appeared to be a formidable task.
Even excise duty collection growth in May fell short of the target of 8.8 per cent growth for the whole fiscal.
Customs duty mop-up was up by 25.1 per cent for the first two months at Rs 19,223 crore. Collections under this head grew by 25.2 per cent at Rs 10,205 crore in May.
Despite cut in customs duty on various items to tame inflation, the Government is hopeful of meeting the collection target under this head for this fiscal.
Customs duty and service tax collections are targeted to grow at 14.4 per cent and 26.1 per cent during the current fiscal, respectively.
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