Business Standard reported that decline in exports of iron ore has pulled down the custom duty collection in Odisha as the indirect tax mop-up has dipped by a whopping 41.31% during the April- December period of the current fiscal.
The customs duty collection upto December, 2014 was INR 1,353.76 crore against INR 2,306.81 crore collected in the corresponding period of the previous financial year.
The main reason for negative growth in customs duty collection is because of less export of iron ore from the ports in Odisha due to closure of mines.
Mr SK Panda, chief commissioner, central excise, customs and service tax, Bhubaneswar zone, said that the shortfall on account of export is to the tune of INR 700 crore upto December. The reduction in rate of duty on coal is also another factor for the drop.
Source - Business Standard
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