Hopeful of achieving Budget estimate, says CBEC chief The Central Board of Excise and Customs (CBEC) is hopeful of achieving the Budget estimate of Rs 3.94 lakh crore for indirect taxes this fiscal, its Chairman, Mr S.K. Goel, said here on Thursday. Till December-end last year, the Centre had already achieved 72 per cent of the Budget estimate, he told reporters on the sidelines of an event to mark 50 years of the Customs Act

He said CBEC would achieve the Budget estimates even after giving away Rs 36,000 crore toward petroleum duties in July last.

“When the estimate for 2011-12 was decided last year, the possibility of petroleum duty cuts in July was not there. Despite our foregoing such huge revenues, we are confident of meeting the estimate.”

On service tax dues from airlines, Mr Goel said that both Air India and Kingfisher Airlines are paying their monthly dues. However, both have cumulatively run up arrears of about Rs 350-400 crore, which is likely to be settled by March-end this year, he said. While arrears in the case of Air India are about Rs 300 crore, they are estimated at Rs 70 crore for Kingfisher Airlines

Source : Hindu Business Line, India, dated 02/02/2012