The construction sector is primed to be a major tax source in the district post-bifurcation, according to C.P. Rao, Commissioner of Customs and Central Excise, Guntur.
Mr. Rao said cement, ceramic and asbestos products had immense demand in the district. “Central Excise revenues from cement industry in 2014-2015 saw an increase of Rs. 46.36 crore, registering a growth of 14.88 per cent. In the case of ceramic products, the revenue registered a growth rate of 23.99 per cent and asbestos 25.32 per cent, indicating a marked increase in revenues,” he added.
According to him, the slowdown in the manufacturing industry in the first and second quarter of 2014-2015 had impacted Central Excise revenue. Apart from Jaypee Cements, most big players paid less tax than compared to that of the previous year, he added.
Holding that local cement manufacturing companies had done well last year, Mr. Rao said local players like Parasakti Cements and Bhavya had registered an impressive growth of 30.23 per cent and 25.38 per cent, respectively.
The boom in the construction sector is expected to drive the economy of the district, the Commissioner said. Revenue realisation for the year 2014-2015 was Rs. 805.85 crore as against the target of Rs. 924 crore, he said, adding that Central Excise revenue recorded an impressive growth of Rs. 100 crore compared to the previous year.
The tax revenue was also influenced by the reorganisation of the commisionerate.
The Guntur Customs, Central Excise and Service Tax Commissionerate, having jurisdiction over the five districts of Guntur, Krishna, West Godavari, Nellore and Prakasam, has been reorganised, with the Guntur Commissionerate jurisdiction being limited to Guntur, Krishna and West Godavari. A separate Nellore Commissionerate has been formed with jurisdiction over Nellore, Prakasam and Kadapa.
Mr. Rao said cement, ceramic and asbestos products had immense demand in the district. “Central Excise revenues from cement industry in 2014-2015 saw an increase of Rs. 46.36 crore, registering a growth of 14.88 per cent. In the case of ceramic products, the revenue registered a growth rate of 23.99 per cent and asbestos 25.32 per cent, indicating a marked increase in revenues,” he added.
According to him, the slowdown in the manufacturing industry in the first and second quarter of 2014-2015 had impacted Central Excise revenue. Apart from Jaypee Cements, most big players paid less tax than compared to that of the previous year, he added.
Holding that local cement manufacturing companies had done well last year, Mr. Rao said local players like Parasakti Cements and Bhavya had registered an impressive growth of 30.23 per cent and 25.38 per cent, respectively.
The boom in the construction sector is expected to drive the economy of the district, the Commissioner said. Revenue realisation for the year 2014-2015 was Rs. 805.85 crore as against the target of Rs. 924 crore, he said, adding that Central Excise revenue recorded an impressive growth of Rs. 100 crore compared to the previous year.
The tax revenue was also influenced by the reorganisation of the commisionerate.
The Guntur Customs, Central Excise and Service Tax Commissionerate, having jurisdiction over the five districts of Guntur, Krishna, West Godavari, Nellore and Prakasam, has been reorganised, with the Guntur Commissionerate jurisdiction being limited to Guntur, Krishna and West Godavari. A separate Nellore Commissionerate has been formed with jurisdiction over Nellore, Prakasam and Kadapa.