CBEC set to fine tune norms to up excise kitty

Written by Gireesh Chandra Prasad | Gireesh Chandra Prasad | New Delhi | Updated: Jul 14 2014, 06:18am hrs
The revenue department will take a slew of measures in the coming months to meet the ambitious growth target of 20% set for indirect taxes this year, which would include steps to realise nearly R1 lakh crore of arrears from excise, customs and service tax, Central Board of Excise and Customs (CBEC) chairperson JM Shanti Sundharam told FE.

Revenue mobilisation measures would be taken on a war footing as the growth target for this fiscal is twice the annual growth rate recorded in 2013-14. In the first two months of the fiscal, indirect tax collection grew just over 4%.

CBEC will intensify its crack down on misuse of Cenvat credit utilisation and employ information technology to identify for audits the manufacturing units suspected of tax evasion.