Indirect Tax Revenue (Provisional) collections during April-June 2015 increase
Indirect Tax Revenue (Provisional) collections during April-June 2015 increase from Rs.1,12,094 crore to Rs1,53,980 Registering an Increase of 37.4 % over the corresponding period ( April-June 2014) in the last financial year.
The overall growth in Indirect Tax Revenue (Provisional) collections during the first quarter of current fiscal year ,ie April-June 2015 have increased from Rs.1,12,094 crore to Rs1,53,980 crores suggesting an increase of 37.4 % over the corresponding period ( April-June 2014) in the last financial year.In June 2015,the indirect tax collections increased by 33.3% compared with June 2014.
These increases were spread across all three tax categories—customs, central excise, and service tax. These collections reflect in part additional measures taken, including the excise increases on diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles and consumer durables, and in June, the increase in service tax from 12.36 to 14 percent.
Stripped of all these additional measures, indirect tax collections increased by 10.8 percent in June 2015 over June 2014; and by 14.5 percent for the first quarter of FY2015-16 compared to the first quarter of FY 2014-15. These collections indicate that the underlying momentum in the economy is improving, across all sectors, including manufacturing, reflected in healthy excise tax collections.
The growth in underlying indirect tax collections of 14.5 percent suggests a healthy increase in nominal GDP growth which constitutes the tax base for indirect tax collections.
Details of overall Indirect Tax Revenue (Provisional) collections during April-June 2015 along with growth rate compared to the corresponding period in the previous year are as follows.
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Bio Fuel Programme in India – The Way Forward
A National seminar on “Bio Fuel Programme in India – The Way Forward” has been organised by Ministry of Petroleum & Natural Gas on 13th July 2015, at Hall no. 5, Vigyan Bhavan New Delhi. Hon. Minister of State (I/C) Shri. Dharmedra Pradhan will inaugurate. Padma Vibhushan Dr. R A Mashelkar Chancellor, AcSIR, NCL, Pune will be the guest of honor. Shri K D Tripathi, Secretary, MoP&NG and senior officers of MoP&NG will be present. Chairman & Managing Directors of all OMC’s will also participate.
The Ministry of Petroleum and Natural Gas (MOPNG) is preparing a road map to accelerate the implementation of Bio-fuel program by increasing their consumption in India. A Working Group has been set up under the chairmanship of Mr. Y B Ramakrishna former Chairman of the Karnataka state Bio Fuel Development Board with the task of preparing the road map for creating synergy between various Ministries, develop awareness and conduct program in the country. As a launch pad, MOP&NG is organizing this National Seminar.
Besides the Inaugural session, there will be sessions on Bio diesel, Bio Ethanol and Presentation on New Technologies & Initiatives. The sessions on Bio Diesel and Bio Ethanol will focus on issues and hurdles being faced by the sector and dwell on how to overcome these hurdles for effective implementation of the blending program across the country. The session on New Technologies and Initiatives will look at various resources such as agriculture residues, Municipal solid waste and plastic wastes and leading edge technologies for converting them to into fuels which can replace the fossil fuels.
The seminar is aimed at accelerating the blending program in the country and draw up a road map to reduce the consumption of fossils fuels by replacing it with locally produced bio fuels thus reducing the foreign exchange out flow, generate rural employment and protect environment.
Representatives of the Bio Diesel & Bio Ethanol Industry, Senior executives of OMC’s, Researchers, Academics and Jt. Secretaries of several ministries and from the state governments are expected to participate.
The Ministry of Petroleum and Natural Gas (MOPNG) is preparing a road map to accelerate the implementation of Bio-fuel program by increasing their consumption in India. A Working Group has been set up under the chairmanship of Mr. Y B Ramakrishna former Chairman of the Karnataka state Bio Fuel Development Board with the task of preparing the road map for creating synergy between various Ministries, develop awareness and conduct program in the country. As a launch pad, MOP&NG is organizing this National Seminar.
Besides the Inaugural session, there will be sessions on Bio diesel, Bio Ethanol and Presentation on New Technologies & Initiatives. The sessions on Bio Diesel and Bio Ethanol will focus on issues and hurdles being faced by the sector and dwell on how to overcome these hurdles for effective implementation of the blending program across the country. The session on New Technologies and Initiatives will look at various resources such as agriculture residues, Municipal solid waste and plastic wastes and leading edge technologies for converting them to into fuels which can replace the fossil fuels.
The seminar is aimed at accelerating the blending program in the country and draw up a road map to reduce the consumption of fossils fuels by replacing it with locally produced bio fuels thus reducing the foreign exchange out flow, generate rural employment and protect environment.
Representatives of the Bio Diesel & Bio Ethanol Industry, Senior executives of OMC’s, Researchers, Academics and Jt. Secretaries of several ministries and from the state governments are expected to participate.
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