Revenue mop up to fall short by Rs 15,000 cr

The government had reduced the rate of excise duty to 8 per cent from 14 per cent and service tax by 2 per cent as part of the stimulus package given to the industry last year. This, the Central Board of Excise and Customs Chairman V Sridhar said, was bound to impact revenue collections.

“Because of the stimulus package being offered by Centre to the industry...our collections from excise, customs and service tax will fall short by Rs 15,000 crore against the targeted collections of Rs 2,68,000 crore for the current fiscal,” he told reporters here.