In a clear sign of the strength of the industrial comeback, excise duty collection for August registered a 22.7 per cent increase over last month, raising the government's hope of meeting the indirect tax mop-up target for the year.
"The industry is clearly showing signs of revival. Excise collection in August is up 22.7 per cent compared to last month... We are hopeful of meeting the target," Chairman of Central Board of Excise and Customs V Sridhar told reporters here.
The growth in excise figures is led by improvement in sectors like sugar that showed an increase of about 16 per cent, petroleum products that grew by about 4 to 5 per cent and cigarettes, Sridhar said on the sidelines of a CII seminar.
The indirect tax collection target of the government is set at about Rs 2.7 lakh crore for 2009-10.