Amid robust tax growth, customs and excise duties decline over 10% in Q1

Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23

Customs and excise duties yielded over ten per cent less in revenues to the exchequer in the first quarter of the current financial year compared to the corresponding period of the previous year even as overall tax collections grew way above the budget projections due to direct taxes and goods and services tax (GST). Going forward, the decline may be offset by windfall tax imposed by the government on domestic crude production and export of fuel products.

Revenues from customs duty declined by almost 12 per cent at 36,467 crore and excise duty mop up fell around ten per cent