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The Centre has set a revenue target of Rs 9 lakh crore for the current fiscal, the Revenue Secretary, Mr Sunil Mitra, said here on Wednesday.
The Centre's decision comes on the back of an increase in revenue collections that it recorded last fiscal.
According to Mr Mitra, during 2010-11, the Centre has already collected revenue of Rs 7.85 lakh crore.
“We expect to finish the fiscal with a revenue collection of Rs 7.92 lakh crore,” Mr Mitra said at an interactive session organised by the Merchants Chamber of Commerce (MCC).
Mr Mitra, however, ruled out any roll back in the 10 per cent excise duty levied on the hosiery and readymade garments manufacturers in the Union Budget 2011-12.
“The intention of the Government was not to tax the small manufacturers and accordingly exemption to the SSIs had been given. The garment industry has been paying VAT then why should it not pay excise?” he pointed out.
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