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Service tax from Mumbai brokers down to one-third.
Byline: M Padmakshan
: Service tax collection from brokers in Mumbai has decreased to about one third of the revenue collected in the preceding year.
The stock market, which has stagnated for the past 10 months, does not, it seems, have much to offer by way of revenue to the tax authorities.
The service tax collected from brokers, administered by the central excise department, is estimated at Rs 38 crore during the year that ended on December 31, 2001. The corresponding figure for the previous year was Rs 118 crore. The service tax collected from the advertising sector too registered a marked decline- Rs 19 crore from the Rs 38 crore collected last year.
The service tax collected from insurance sector has registered an increase, from Rs 114.53 crore to Rs 142 crore.
Meanwhile, contrary to expectations, the total excise duty collection from Mumbai zone has registered a marginal increase over the previous year.
Against the Rs 4,835 crore collected till January 15, last year, the Mumbai Excise department has collected Rs 4,937 crore ...
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