Industry & Economy
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Excise and Customs
`Considerable duty evasion in central excise'
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New Delhi
March 7
The Finance Minister, Mr P. Chidambaram, on Wednesday urged manufacturers to pay their excise duty "correctly and punctually," stating that excise duty evasion may not work to their advantage in the long run.
"While corporate tax and income tax has surged, there is no comparable increase in excise duty. I am inclined to believe that there is still considerable amount of duty evasion in central excise," Mr Chidambaram said after launching EASIEST scheme, an electronic accounting system for excise and service tax, here on Wednesday.
The Finance Minister made it clear that the Government intends to devote greater attention to excise duty in 2007-08.
"Central excise remains the laggard among all taxes. Central excise still remains the most troublesome tax. When the economy is growing at 8.5 to 9 per cent, surely central excise must also grow at about the same rate.
If the manufacturing sector is growing by double-digit rate, surely central excise must also grow at the same rate," he said.
The Finance Minister expressed confidence that the Government would be able to exceed the revenue target of Rs 1,53,500 crore set for excise duty and service tax in 2006-07.
"It appears that we may exceed the target although we think that we might lose little on central excise. We will more than make up for that in service tax. I am confident that we even on the central excise we will meet the original target rather than revised estimate," he said.
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