AP Govt plans to halve sales tax on gold
  • OUT of a target of Rs 7,219 crore for Central excise and Rs 1,917 crore for
    customs fixed for the current fiscal for Andhra Pradesh, Rs 2,966.55 crore
    towards excise and Rs 856.96 crore towards customs duty had been collected in
    the first half of the financial year ending September 30, according to Mr Moheb
    Ali M, Chief Commissioner of Central Excise and Customs. He told Business Line
    that in comparison with last year's figures for the corresponding period, this
    year's collections registered a growth of 10 Cheapest Cigarettes In The World.56 per
    cent in excise and 4 per cent in customs. Revenue collections from the two
    segments last year accounted for Rs 5,705.86 crore in excise and Rs 1,705 crore
    in customs. The revenue yield for the first half of the current year could have
    been better but for adverse factors such as poor performance of cement industry
    and imposition of one per cent sales tax on gold imports by the State Government
    Newport Cigarettes Official Website.
    This had a dampening effect on gold imports and the resultant Central and State
    revenues. Gold imports alone yielded Rs 300 crore by way of tax to the Central
    exchequer from Andhra Pradesh Price
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    . But this source had virtually dried up. To reverse
    the trend, the State Government was planning to bring down the sales tax on gold
    from one per cent to half per cent bringing it on a par with that in other
    States, Mr Moheb Ali said. Another discouraging factor in revenue terms is the
    volatility in duty payment for petroleum, oil and lubricants (POL) at the
    Visakhapatnam port. If the duty on these products was paid in another State such
    as Gujarat before the products were brought to Andhra Pradesh, then to that
    extent Andhra Pradesh would be a loser, he said. Mr Moheb Ali said about 20
    commodities proved to be the deciding factors in revenue collections. Among them
    were motor spirits, refined diesel oil, iron and steel, cigarettes, cement,
    paper and paper pulp, furnace oil, machinery, organic chemicals, pharmaceutical
    products, aerated water, kerosene, beedis, tyres and tubes, synthetic yarn,
    sugar, cereal preparations, electric motors Buying Cigarettes Online, generators and
    miscellaneous items. In the last financial year, these commodities yielded a
    revenue of Rs 4 Newport Cigarettes
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    ,861 crore against a target of Rs 5,705.86 crore. On the Customs front,
    Kakinada port had emerged as a hub for the import of palm oil and other edible
    oils. This was a welcome feature which could lead to higher revenues, he
    said.
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