Debasish Acharya
Post News Network
Bhubaneswar, May 26: Central Excise, Customs and Service Tax Department eyes Rs 16,300 crore of total collections this fiscal from the state. The target of the Bhubaneswar zone for this fiscal is 43 per cent higher than the target of last financial year. “We are hopeful to collect Rs 16,300 crore this fiscal, which is 43 per cent higher than last fiscal’s target,” an official in Bhubaneswar zone of the department told Orissa POST.
On targets for each segment, the official said the department has set a target of collecting Rs 11,000 crore as central excise duty this financial year against Rs 6,935 crore collected during last financial year. It also eyes Rs 2,800 crore of customs duty collections as compared with a total collections of Rs 2,719 crore during last fiscal.
“In April 2016, total indirect collection in state stood at Rs1,725 crore, up 154 per cent over the same period of last year,” the official said. During the month, while excise collections were at Rs1,264 crore, it was Rs 252 crore for customs and Rs 210 crore in service tax segment. Collections under customs and service tax categories have surpassed last year’s figure by 68 per cent and 14 per cent respectively. On higher realization, the official said increase in coal cess and operationalisation of IOCL oil refinery were the major factors behind this improved figure. “Coal cess has recently been hiked to Rs 400 per tonne from Rs 200 per tonne earlier. Opening of mines along with rise in cargo traffic at ports will also supplement in realising the set targets this fiscal,” he said adding 1 per cent cess imposed on precious metals would also help in higher collections. IOCL, which has started its productions, has already paid Rs 400 crore as duty and is likely to pay similar amount in near future.
