IDFC Mutual Fund new issue closes on 16th November
IDFC Mutual Fund has launched IDFC Fixed Maturity Plan 2 Year Series 1, a close-ended income scheme.
The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme. The tenure of the scheme is two years.
The new issue closes on 16th November. The minimum investment amount is Rs10,000.
Crisil Short Term Bond Fund Index is the benchmark index. Anupam Joshi is the fund manager.
Axis Mutual Fund new issue closes on 21st November
Axis Mutual Fund has launched Axis Capital Protection Oriented Fund-Series 1, a close-ended income scheme.
The scheme will endeavour to protect the capital by investing in a portfolio of debt & money market instruments that are maturing on or before the maturity of the scheme. The scheme also aims to provide capital appreciation through exposure in equity & equity related instruments.
The new issue closes on 21st November. The minimum investment amount is Rs5,000. Crisil MIP Blended Index is the benchmark index. R Sivakumar is the fund manager.
The total indirect tax collection during October declined by 2.5% to Rs30,278 crore from Rs31,058 crore in the corresponding month last fiscal. The decline in the indirect tax collection would have been much sharper but for the 18.4% growth in realisation from service tax
New Delhi: Reflecting signs of slowdown, the indirect tax collections during October declined by 2.5% mainly on account of drop in realisation from customs and central excise during the month, reports PTI.
Collections from customs dropped by as much as 11.6% in October to Rs11,357 crore from Rs12,849 crore in the same month last fiscal, finance ministry sources said.
In case of central excise, collection during October was Rs10,527 crore, down 5.3% from Rs11,120 crore in the same period last fiscal.
The decline in the total indirect tax collection would have been much sharper but for the 18.4% growth in realisation from service tax.
The service tax collection during the month rose to Rs8,394 crore from Rs7,089 crore in October 2010.
The total indirect tax collection during October declined by 2.5% to Rs30,278 crore from Rs31,058 crore in the corresponding month last fiscal.
However, as far as April-October period is concerned, the indirect tax collection showed an increase of 17.8% to Rs2.01 lakh crore from Rs1.70 lakh crore during the corresponding period in the last financial year.
The increase during the first seven months of the current fiscal was on account of higher collections from customs, central excise and service tax which rose by 16.6%, 10.6% and 33.6% respectively.
During April-October customs collection was Rs86,156 crore (up from Rs73,895 crore during corresponding period of last fiscal), central excise Rs69,511 crore (Rs62,838 crore) and service tax Rs45,391 crore (Rs33,977 crore).
The decline in indirect tax collection during the later part of the financial year can be attributed to poor performance of the industrial sector and also the decision of the government to reduce duties on petroleum goods to partly offset the impact of price hike on consumers.
Industrial production during April-August moderated to 5.6% from 8.7% during the corresponding period in 2010-11.
The government in June had reduced customs and excise duties on petroleum goods sacrificing revenues to the tune of Rs49,000 crore during the fiscal.
For the current fiscal, the government targets an 18% year-on-year increase in indirect tax collection at Rs3.98 lakh crore.