Customs exemptions cost Rs 92,561 crore

Customs exemptions cost Rs 92,561 crore

Team BS / New Delhi February 28, 2006

The revenue forgone during 2004-05 was a whopping Rs 1,58,661 crore, of which the duty forgone on account of customs exemptions alone was Rs 92,561 crore. Duty forgone on account of excise exemptions was Rs 30,449 crore.

This was stated in a statement on revenue forgone, which was included for the first time in the Budget. "An attempt has been made, in this first year of publication of this document, to take a broad approach and include estimates of the revenue loss associated only with major tax preferences. As computerisation of the management systems of the income-tax department and customs and central excise department progress, it will significantly improve the government