Financial Daily from THE HINDU group of publications
Friday, Dec 10, 2004
Financial Daily from THE HINDU group of publications Friday, Dec 10, 2004 |
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Industry & Economy
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Excise and Customs Centre may effect upward revision in Customs duty target
K.R. Srivats
New Delhi , Dec. 9 ENCOURAGED by the general buoyancy in Customs duty collections in the current fiscal, the Finance Ministry is mulling an upward revision in Customs duty collection target by about Rs 2,000 crore. The budget estimate for Customs duty during 2004-05 has been pegged at Rs 53,000 crore as against the revised estimate of Rs 49,350 crore during 2003-04. According to the data released by the Controller General of Accounts (CGA), Customs duty collection during April-October this year stood at Rs 30,745 crore, as against Rs 27,843 crore in the same period last year. Meanwhile, a Government official maintained that this is only at a proposal stage and a final decision has to be taken after factoring in the collection trends in direct taxes. Keeping in view the stiff excise duty collection target of Rs 1,07,199 crore budgeted for 2004-05, it is being held in certain quarters that the revision in Customs duty target may come in handy to offset the shortfall, if any, on the excise duty front at the end of the current fiscal. The revised estimate for excise duty for 2003-04 stood at Rs 92,370 crore. Union excise duty collections for the period April-October 2004 stood at Rs 46,243 crore as against the collection level of Rs 41,229 crore in the same period last year.
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