India’s Indirect Tax Revenues fall by 2.5% in October 2011 !

The indirect tax revenues for the exchequer fell by 2.5% to Rs.30278 crore in October 2011 as against Rs.31058 crore reported last year, led by slowdown in industrial production and cut in duty rates in petroleum products.

Tax

Indirect tax revenues comprise of customs, excise and service tax. While the custom duty collections dropped by 11.6% to Rs.11357 crore in October, the realizations from the central excise collections came in at a lower 5.3% to Rs.10527 crore.

Service tax for the month under review stood at Rs.8394 crore, up 18.4% from Rs.7089 crore in October 2010. During April to October 2011 period, indirect tax collection showed a growth rate of 17.8% to Rs.2.01 lakh crore, from Rs.1.70 lakh crore during the corresponding seven month period last fiscal.

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