FY16 excise collection from Mumbai Zone crosses target

The Central Excise Department has already crossed the full year original collection target from the Mumbai Zone netting Rs 44,242 crore by end February.
For financial year 2015-16, the Department had initially set a target of Rs 40,000 crore, which was later revised upwards to Rs 49,500 crore.
"We have almost got Rs 44,242 crore in net revenue collection as of February-end, exceeding the initial target of Rs 40,000 crore," Chief Commissioner of Central Excise, Mumbai Zone, Subhash C Varshney told PTI here today.
"The government has revised the revenue collection target for Mumbai Zone to Rs 49,500 crore. However, we are expecting to cross the mark of Rs 48,000 crore by the month-end, which will be close to the revised target," he said.

"The jump in revenue collection was backed by increase in excise duty on petroleum and diesel products by the government," he added.
Last year, total excise mop-up stood at Rs 26,321 crore from the region.

"We have collected Rs 38,996 crore from petroleum, oils and lubricants from the region as of end February, up from Rs 22,643 crore in the year-ago period. Similarly, our revenue collection from non-oil products stood at Rs 9,838 crore, up from Rs 8,481 crore," Varshney said.
Meanwhile, the Department has made it clear that no official will visit the premises of jewellers to calculate the new tax proposed in the Union Budget.

In the Budget, a nominal excise duty of 1 per cent (without input tax credit) and 12.5 per cent (with input tax credit) has been imposed on gold and diamond jewellery.
Jewellers are on nation-wide strike since March 2 demanding withdrawal of the propose excise duty.
"The jewellers have apprehension that the Central Excise officials will visit their premises to collect the tax. Around 60 jewellers met me in my office today and I've cleared all their apprehensions about the Department," Varshney said.
"We believe they are not averse to pay the tax. The only thing they are worried about is that the Department officials will be visiting their premises to collect the tax.

"However, let me tell you that no official will visit their premises and we will calculate the tax due on them on the basis of the data which we are collected from the State Government offices like BMC (Mumbai civic body)," he said.
"We will work out the tax on the basis of VAT being paid by jewellers to the BMC."
Also, Varshney made it clear that the tax will be imposed on principal manufacturing of jewellery only, not on the job work.