By IANS,
New Delhi : With a minor shortfall in excise duty collections, the government has earned a little over Rs.2,780 billion from the indirect taxes last fiscal, a top official said Thursday.
Central Board of Excise and Customs (CBEC) Chairman P.C. Jha admitted the target was missed, but said the shortfall in excise duty collections was only minor. He told reporters that it failed to meet the revised target of Rs.1,279.47 billion for 2007-08.
He was speaking on the sidelights of the 12th World Customs Organisation’s Regional Heads’ Conference here Thursday.
The government had fixed a revised target of Rs.1,007.66 billion for customs and Rs.506.03 billion for service tax in 2007-08.
Jha said there was no proposal to revise the targets by cutting customs duty on various items.
“Tax cuts will have an impact on revenue collections,” he pointed out. The CBEC would emphasise on audit and anti-evasion measures for better tax collections, Jha said.
The official said the CBEC would come out with a production-based levy system to check tax evasion by many pan-gutkha manufacturers.