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Press Information Bureau
Government of India
Ministry of Finance
08-February-2012 18:11 IST
CBEC Achieves Nearly 80.74% of Budget Estimate Up-to January, 2012 in the Current Fiscal; Would be Able to Achieve the Overall Target of Rs. 3,92,908 Crore of Current Fiscal
The Central Board of Excise and Customs (CBEC) has been able to achieve nearly 80.74% of Budget Estimate up-to the month of January, 2012 in the current fiscal year. At the present rate of growth, CBEC should be able to achieve the target of Rs.3,92,908 Crores.
The revenue position for and up-to the month of January, 2012 is as follows:
(Rs. in Crore)
Head
| For January | % Growth for Jan. | April-January | % Cumulative Growth | ||
2010-11 | 2011-12 | 2010-11 | 2011-12 | |||
Customs
| 11,117 | 11,393 | 2.5% | 110,109 | 124,063 | 12.7% |
*Central Excise
| 12,458 | 12,319 | -1.1% | 110,277 | 117,730 | 6.8% |
Service Tax | 5,764 | 7,734 | 34.2% | 55,121 | 75,440 | 36.9% |
Total
| 29,339 | 31,446 | 7.2% | 275,507 | 317,233 | 15.1% |
*Exclusive of Cess not administered by CBEC (D/o Revenue).
The overall growth in indirect tax revenue collections during the month of January, 2012 is around 7.2%. However the progressive growth during April-January of current fiscal year has shown 15.1% over the corresponding period of last financial year. The growth in Central Excise revenue has been negative for January, 2012. However, the overall growth in Central Excise Revenue up to January, 2012 is 6.8% showing a positive trend. The Service Tax revenue collections continues to be buoyant and has shown 34.2% growth during January, 2012. The Customs growth has been 2.5% during the month of January, 2012, though the overall growth up to January, 2012 has been 12.7%.
DSM/SS/GN
Indirect tax revenue growth supports attainment of fiscal target as year-to-date collections show sustained gains. The Central Board of Excise and Customs reports that indirect tax revenue collections reached about 80.74% of the Budget Estimate up to January and projects meeting the overall fiscal target. Aggregate collections across Customs, Central Excise and Service Tax show year-to-date growth, with Service Tax notably buoyant, Customs showing modest monthly but stronger cumulative gains, and Central Excise negative in the month yet positive cumulatively; the published totals and growth rates support the projection to achieve the fiscal target. of Press 'Enter' after typing page number.
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