The growth in central excise collection has contracted by 1.1% to R12,319 crore in January as compared to the year-ago period, indicating that industrial slowdown has dented revenue collection. This is the third month in the current financial year when excise mop-up has gone in negative zone.An official statement said that overall indirect taxes rose 7.2% to R31,446 crore in January, mainly on account of 34.2% growth in service tax collection. The mop-up from service tax stood at R7,734 crore during the month. The taxes from customs rose just by 2.5% to R11,393 crore.During April-January this fiscal, the indirect tax collection has gone up 15.1% to R3.17 lakh crore, which is 80.74% of the Budget estimate.
Source: Financial Express
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