Mumbai: The excise department has collected tax revenue of Rs 34,739 crore from the Mumbai region till January and is confident of surpassing its target of Rs 40,000 crore for the fiscal, a senior official said.
“We have almost achieved Rs 34,739 crore in gross revenue collection as of January, and hence, we are sure of exceeding the projected target of Rs 40,000 crore by Rs 6,500 crore by March,” Chief Commissioner of Central Excise, Mumbai region, Subhash C Varshney told PTI here.
“We are likely to achieve revenue collection of Rs 46,500 by the fiscal-end, which will be backed by increase in excise duty on petroleum and diesel products by the government,” he said while speaking on the sidelines of the Central Excise Day event.
Last year, the department had collected total revenue of Rs 30,747 crore from the Mumbai region. The department collects its revenue from oil refineries which are located under both its zones in the city.
“We have collected Rs 34,739 crore from petroleum, oils and lubricants (POL) segment in Mumbai region as of January, from Rs 19,980 crore in the year-ago period.
“Similarly, our revenue collection from non-POL as of January was at Rs 8,882 crore from Rs 7,574 crore in the year-ago period,” he said. The department has stepped up measures like audit, anti-evasion drive and detailed scrutiny of returns to ensure high revenue collection, he added.