Higher oil prices pushes up excise collection from city 27%
MUMBAI: Driven by higher excise collection from oil products, the revenue mop-up from the Mumbai Central Excise zone jumped 27 per cent to Rs 63,190 crore in fiscal 2017 from Rs 49,896 crore a year ago, a senior official said.
"Revenue collected by the Central excise department went up by 27 per cent to Rs 63,190 crore in the year ending March 31 from Rs 49,896 crore a year ago," SC Varshney, chief commissioner of Central Excise in Mumbai told PTI here today.
"The major reason for the steep increase is the higher duty on diesel and petrol during the period compared to last year," he said.
Revenue collection from oil majors like BPCL and HPCL during year stood at Rs 32,629 crore, up from Rs 23,939 crore. Similarly, revenue payment by the cement major ACC has gone up by 25 per cent to Rs 1,148 crore from Rs 919 crore.
Cigarette major Godfrey Phillips paid 9 per cent more revenue at Rs 818 crore during the period compared to Rs 750 crore.
The Mumbai Central Excise zone, which is divided into two zones, was given a revised revenue collection target of Rs 62,100 crore--- Rs 26,100 crore from Zone-I and Rs 36,000 crore from Zone-II, for the entire fiscal 2017.
Central Excise zone-I revenue has gone up by 16 per cent to Rs 28,922 crore during the year from Rs 24,879 crore, whereas the revenue from zone II went up by 37 per cent to Rs 34,268 crore in the year from Rs 25,017 crore a year ago.
"Such exemplary performance in revenue collection could be possible due to detection of evasion, recovery of arrears, detailed scrutiny of returns and comprehensive audit of assessees," Varshney said.
On a pan-India level, excise collection during the year gone by grew a steeper 33.9 per cent to Rs 3.83 trillion, up from Rs 2.86 trillion a year ago.
"Revenue collected by the Central excise department went up by 27 per cent to Rs 63,190 crore in the year ending March 31 from Rs 49,896 crore a year ago," SC Varshney, chief commissioner of Central Excise in Mumbai told PTI here today.
"The major reason for the steep increase is the higher duty on diesel and petrol during the period compared to last year," he said.
Revenue collection from oil majors like BPCL and HPCL during year stood at Rs 32,629 crore, up from Rs 23,939 crore. Similarly, revenue payment by the cement major ACC has gone up by 25 per cent to Rs 1,148 crore from Rs 919 crore.
Cigarette major Godfrey Phillips paid 9 per cent more revenue at Rs 818 crore during the period compared to Rs 750 crore.
The Mumbai Central Excise zone, which is divided into two zones, was given a revised revenue collection target of Rs 62,100 crore--- Rs 26,100 crore from Zone-I and Rs 36,000 crore from Zone-II, for the entire fiscal 2017.
Central Excise zone-I revenue has gone up by 16 per cent to Rs 28,922 crore during the year from Rs 24,879 crore, whereas the revenue from zone II went up by 37 per cent to Rs 34,268 crore in the year from Rs 25,017 crore a year ago.
"Such exemplary performance in revenue collection could be possible due to detection of evasion, recovery of arrears, detailed scrutiny of returns and comprehensive audit of assessees," Varshney said.
On a pan-India level, excise collection during the year gone by grew a steeper 33.9 per cent to Rs 3.83 trillion, up from Rs 2.86 trillion a year ago.
