Apparently, the Indirect tax collections (Service Tax, Excise Duty and Customs Duty) are up 37% in May 2015 over May 2014 . But is this really something we should be excited about? Our view: Simple – it’s that massive tax on fuels and the customs duty on gold. The press release says: These increase were spread across all the three categories- customs, central excise and service tax. Central Excise collections have increased from Rs. 11,838 crore in May 2014 to Rs. 21,809 crore during May, 2015 registering an increase of 84.2 %. Central Excise collections during April to May 2015 increased to Rs. 38,535 crore from Rs. 20,493 crore (during April to May 2014) and thus registering an increase of 88.0%. Fuel Taxes Are More than 80% of the change Central excise collections are up by around 10,000 cr. in May. We use around 1000 cr. liters of petrol/diesel per month, and the excise duty has been increased by around Rs.… (Read On…)
[via Capital MindCapital Mind]
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