Business Daily from THE HINDU group of publications
Friday, Mar 13, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Friday, Mar 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Excise and Customs Excise Dept hopeful of achieving revised target Our Bureau Chennai, March 12 The Department of Central Excise and Service Tax expects to achieve its revised target of Rs 2.8 lakh crore collection of customs, service and central excise taxes for the current financial year, according to Mr V. Sridhar, Member, Central Board of Excise and Customs. Collection of taxes was about Rs 2.7 lakh crore last year. The Budget estimate was Rs 3.2 lakh crore for the current fiscal but with duty cuts in petroleum, further slashing of excise and service tax rates, the target was revised to Rs 2.8 lakh crore. The revised target for Central excise taxes stood at Rs 1.07 lakh crore compared with the Budget estimate of Rs 1.36 lakh crore, because some improvement in production is seen in steel, cement and automobiles. Automation of Central Excise and Service Tax (ACES) has been extended to Chennai. This centralised Web-enabled software will eventually replace the current mode of manual filing of returns, seeking refund of taxes, obtaining various permissions and approvals from the department and dispute resolution. More Stories on : Excise and Customs
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