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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app