Excise revenue is all set to increase substantially during the 2009-10 financial year.
Sources maintained that revenue from this sector will enable the State Government to carry on with various welfare programmes which have been announced by the Chief Minister to be implemented from its own resources.
Collection of excise revenue is likely to touch Rs 1,000 crore during the current financial year.
Though the target was Rs 610 crore in 2008-09, the collection touched Rs 826.12 crore which has been alltime high till now. Of this, Rs 660.04 crore was from excise revenue and duty, while Rs 166.08 crore was from sales tax and entry tax. This was an increase of 26 per cent compared to the previous year.
It had grown by 22.01 per cent in 2007-08 compared to the previous year. The State Government had fixed a target of Rs 553.7 crore during the year from excise revenue while the collection was Rs 647 crore. Out of this, excise duty and revenue was Rs 524.83 crore while collection from sales and entry taxes was Rs 122.17 crore.
However, the growth was only 10.51 per cent in 2006-07.
As against the target of Rs 490 crore, the collection was Rs 540.55 crore.
During the previous year, the State Government had fixed Rs 400 crore target to be collected from excise while the generation was Rs 475.5 crore.
It witnessed a growth of 26.94 per cent in excise revenue.
The revenue from the sector has more than doubled from Rs 326 crore in 2003-04.
It is set to cross the Rs 1,000- crore mark next year.