Excise, Customs Duty Collections in Mumbai Satisfactory: FM.

Finance Minister Pranab Mukherjee has said excise and customs collection in Mumbai has been satisfactory. Speaking to reporters, Mukherjee said Mumbai's indirect tax collection figures up to November stood at Rs 56,000 crore. Customs duty collections from April to November came in at Rs 28,000 crore, while central excise collections amounted to Rs 16,000 crore.

Mumbai recorded service tax collections of Rs 12,000 crore during the period. Mukherjee expressed confidence that high tax collections in Mumbai reflects buoyancy in the economy. Mumbai contributes 35% of India's indirect tax collections to the exchequer.

The finance minister is hopeful of meeting the FY11 tax mop-up targets. He hoped more onions will be imported shortly to arrest the shortfall. Non-food items are also contributing to the current high inflation, he said. Mukherjee said the ministry has taken steps to check the supply side constraints. Speaking on the oil subsidy for ONGC, he said the EGoM will take a final decision on it.

He said some food items are seeing a bumper crop this year and hoped that a good agri output will cool inflation this year.

Source : moneycontrol.com