Chairman of the Central Board of Excise and Customs (CBEC), M K Zutshi told FE that good performance on the excise duty collection front was due to a pick up in the manufacturing sectors, especially cement, steel, commercial vehicle and tyres. He added that excise duty mop-up in the current fiscal is clearly indicating towards a distinct pick-up in economic activities.
On the customs side, duty realisation during April-June 15 in this year has been Rs 8,400 crore as against Rs 7,803 crore collected in the same period last year, indicating a growth of 7.64 per cent.
Customs collection in the first fifteen days of June stood at Rs 1,772 crore, and excise duty mop-up during the period was Rs 3,029 crore. Total collection of customs and excise duty witnessed a 17.19 per cent growth at Rs 22,470 crore during April-June 15 in the current fiscal, as against Rs 19,174 crore realised in the same period last year.
Mr Zutshi said that if the current trend continued in the coming months of the fiscal, the government will not only achieve the budget estimates but may exceed them.