The Central Board of Excise & Customs (CBEC) is hopeful of meeting the target of Rs 3,20,000 crore during the current year as projected despite apprehensions of decline in excise collection due to the ongoing economic turbulence.
"We believe we will be able to meet the overall target of Rs 3,20,000 crore. Though there might be some shortfall in excise collection, it will be made good by higher revenue from customs and service tax," CBEC Chairman P C Jha said here today.
Jha was speaking to reporters on the sidelines of the inauguration of a new Rs 38 crore building complex for the department.
The total revenue target of the department for 2008-09 of Rs 3,20,000 crore was 14 per cent higher than last year's collection of Rs 2,80,738 crore.
Till October, total revenue collection by the CBEC was Rs 1,61,810 crore. The amount includes revenue from service tax till September.
The target for excise collection is Rs 1,36,610 crore this fiscal. For customs, it is Rs 1,18,930 crore and for service tax Rs 64,460 crore.
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The department is entrusted with the job of collecting customs, excise and service tax.
Till October this year, the department collected Rs 65,322 crore in excise, up from Rs 64,948 crore during the comparable period last year.
Jha said that the department was taking steps to minimise the gap between actual tax liability and voluntary disclosure.