Customs revenue collection in three Mumbai Zones for April to July period registered a 79.5% average growth compared with the collection during the corresponding period last fiscal, finance minister Pranab Mukherjee said on Wednesday.
?There has been buoyancy in central excise too, though growth has been slightly less as compared to customs. I find that the two central excise zones in Mumbai have an average growth of 55.65% compared with the collections during the corresponding period last fiscal,? Mukherjee said. The minister added that the trend of revenue realisation needs not only maintenance but also improvement during the coming months so that if there is any shortfall in other area, collections from this zone can help us fill the gap.
Mukherjee, however, observed that service tax collections grew at only about 8%. ? I, however, fail to understand why the growth of service tax should be so small. It is an acknowledged fact that the service sector in the country is also growing substantially. I would like those of you concerned with the service tax collection to ponder over this and find ways to increase the collections,? Mukherjee also said that in this zone an amount of around Rs 3,088 crore was locked up in respect of central excise arrears, and an amount of Rs 1,740 crore in respect of customs duty arrears.
?We are now in the beginning of second half of the fiscal. It is high time that we give special emphasis on taking some serious steps for collection of arrears of revenue.? the minister noted.