The Cochin Customs recorded a substantial annual growth in its revenues in the 2014-’15 fiscal year, driven by an increase in the inflow of refined petroleum products, gold and synthetic rubber.
Revenue collection at airports and ports in the State rose to Rs 1679.91 crore in 2014-’15 from Rs 1551.19 crore in the previous financial year.
“The buoyancy in revenue collection was supported by higher import of refined petroleum products, synthetic rubber and gold, coupled with rise in overall exports, especially natural rubber,” said Cochin Customs Commissioner Dr K N Raghavan.
The Customs Department has collected Rs 153 crore from the import of refined petroleum products during the fiscal year, and the import of synthetic rubber came in at Rs 133 crore. At the same time, the export value of natural rubber totaled Rs 81 crore. Revenue from the import of gold was Rs 83 crore during the fiscal, with substantial contribution from the inflow of gold through the State’s ports. The import of polymer of ethylene, crude oil, LNG, HMS and aromatic oil also contributed to the revenue growth.
Meanwhile, revenue from the import and export of cars dropped notably to Rs 1 crore in 2014-’15 from Rs 28 crore in 2013-’14 and Rs 82 crore in 2012-’13.
“During 2014-’15, the Customs agencies collected Rs Rs 12.77 crore as customs duty from gold smugglers. However, value of the 250.88-kg gold seized from smugglers - approximately Rs 67.92 crore in open market - will not be accounted in the revenue of the Department as the seized contraband had to be handed over to the government reserves,” said Customs officials.
“In the opening month of the current fiscal year, the Cochin Customs posted a revenue of Rs 136.21 crore, against Rs 112.82 crore in the corresponding month of last year. Once the GST regime is fully introduced in the country, Customs revenue is likely to go further up as the GST would subsume services tax, Excise duty, stamp duty, entry tax and central sales tax,” added the officials.