Mangalore Central Excise & Service Tax Revenue exceeds Rs.16940 Cr last fiscal

Mangalore Central Excise & Service Tax Revenue exceeds Rs.16940 Cr last fiscal

Mangalore Today News Network

Mangaluru, Apr 06, 2017 : The revenue collection of Mangaluru Central Excise & Service Tax Commissionerate continued its steady growth trend with an unprecedented revenue realization of over Rs.16940 crores in the last financial year. Central Excise revenue shows an increase of about 40% while the service tax revenue is 23% more than previous year’s collections.

The growth in Central Excise revenue is attributable to the spectacular increase in revenue realized from M/s Mangalore Refinery & Petrochemicals Ltd. with an increase of over  Rs.4554 crores compared to duty paid last year. Besides petroleum revenue, substantial growth of about 54% has also been registered in respect of revenue from non-petroleum products which is mainly on account of the growth shown by Grasim Industries Ltd.

The growth in Service Tax revenue is mainly due to the incremental growth in banking & financial services and port services. Besides substantial revenue has been paid by Sri Kshetra Dharmasthala during 2016-17.

The Commissionerate, by undertaking various augmentation measures, has mopped up additional revenue to the tune of Rs.52 crores. Out of this, the revenue recovered on anti evasion front is over Rs.21 crores which is the highest ever so far. During the last financial year Central Excise and Service Tax cases involving duty implication of above Rs.86 crores have been registered.

The Bureau of Indian Standards after undertaking surveillance audit has commended the quality of services delivered to the clients by the Commissionerate.