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At least one arm of the harried North Block is a happy lot amid the falling rupee and is looking at it as a blessing in disguise, as the Customs Department is witnessing a near double-digit uptick in revenue collection.
The good news comes to the Customs Department as the value of the imported goods goes up, there is a commensurate increase in their revenues as well, says a top official. Due to this, the department is confident of achieving its targets for the fiscal, the official added.
"Exchange rate fluctuations have worked to our advantage because the values have gone up. There is an 8% increase in values. Automatically there is an uptick in the amount of taxes we were collecting (as) the valuation changes," member and special secretary of the Central Board of Excise and Customs Sheila Sangwan, told PTI here.
It can be noted that the rupee has lost close to quarter of its value since the beginning of this fiscal.
Sangwan, who reviewed the custom duty collections in the financial capital over the weekend, said the department will meet its share in the indirect tax collection this fiscal.
She said the container port JNPT, which is also the largest contributor to the customs kitty, is witnessing a growth of 10.4% this fiscal.
The customs at the city airport, also among the biggest of the air terminals from a revenue collection standpoint, is also doing well, she said.
When asked if the recent measures to squeeze imports with a view to reduce demand for dollar will affect the revenue collection, she replied in the negative, saying there are many more avenues apart from gold and silver through which department can earn revenue.
Given the economic slowdown, Sangwan sounded concerned over the overall indirect tax collection growth target of 19% to Rs 5.65 lakh crore, acknowledging that growth is not on course in the first few months of the fiscal.
