Rise in customs, excise revenue

The Union minister of state for finance (Revenue), Mr. G. Ramchandran, expressed satisfaction over the increase of 5.44 per cent revenue in the year 2000-2001 year from customs and central excise, irrespective of the devastating earthquake.

At a press conference, the minister informed that the total customs and central excise revenue during the year 1999-2000 was Rs 16,817 crore which further increased to Rs 17,762 crores during the year 2000-2001. The total customs revenue collection during the year 2000-2001 remained at Rs 7,569 crores whereas the central excise revenue was Rs 10,194 crores which is l0.7 per cent more than the preceding year, he informed.

While speaking on certain benefits provided in the central excise, Mr. Ramchandran said that the cement and steel used in rehabilitation of the quake-affected people in the state has been exempted of central excise duty. Further, for the purpose of augmentation of government revenue-and as a trade facilitation measure, a number of changes have been made on customs and central excise side, he said. On the customs side, interest-free warehousing period has been reduced from six months to one month and the duty on import of gold has been reduced from Rs 400 per 10 gm to Rs 250 per 10gm, he said. Whereas on the central excise side, central excise rules, 1944 have been re-written and the number has been brought down from 234 to 33 he informed.

Mr. Ramchandran also informed that the special economic zones (SEZ) had started functioning in full swing in Surat and Kandla during the year 2000-2001. He also informed that a new special economic zone at Jamnagar is coming up shortly. The Ahmedabad airport to facilitate the import-export of cargo for outer stations. This step will increase the export-import volume and revenue.

Republished from The Asian Age