India Apr-May customs collections up 25% on year; excise up 1%

[K.Karthik Raja]

India Apr-May customs collections up 25% on year; excise up 1%
NEW DELHI - The Indian government's customs collections rose 25.1%
in
Apr-May, the first two months of 2008-09, to 192.23 bln rupees, the
finance
ministry said today.
Customs collections in May grew 25.2% on year to 102.05 bln
rupees, the
ministry said in a release.
The sharp rise in customs collections is despite the government
cutting
import duty on many commodities, including edible oils and steel, in a
bid to
curb inflationary pressures in the economy.
The growth in customs duty collections, however, may slow down in
the
coming months as the government cut customs duty on crude and
petroleum
products earlier this month.
The government is likely to lose about 226 bln rupees this year on
cut in
customs and excise duties on petroleum products alone.
The Budget for 2008-09 has projected customs collections of 1.189
trln
rupees, up 18.0% from the revised estimate of 1.008 trln rupees last
year.
The government's excise mop-up in Apr-May grew 0.9% to 159.93 bln
rupees,
the ministry said.
The government is targeting excise collection of 1.379 trln rupees
in the
current financial year started April, up 7.8% from the revised
estimate of
1.279 trln last year.
The following table gives customs and excise duty collections in
May
and Apr-May in bln rupees:
.
May Apr May Yr-on-yr
2008 2008 2007 % change
.
Customs 102.05 90.18 81.48 25.2
Excise* 95.83 64.10 91.75 4.4
.
Apr-May Apr-May Yr-on-yr
2008-09 2007-08 % change
.
Customs 192.23 153.69 25.1
Excise* 159.93 158.48 0.9
.
* Excise collections are exclusive of cess not administered by the
Department
of Revenue. End
.