Financial Daily from THE HINDU group of publications
Monday, Jul 15, 2002
Financial Daily from THE HINDU group of publications Monday, Jul 15, 2002 |
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Industry & Economy
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Excise and Customs Chennai Customs' revenue collection up 13 pc in Q1 Raja Simhan T.E.
CHENNAI, July 14 REVENUE collection (sea port) at the Chennai Customs House (CCH) increased by over 13 per cent to Rs 1,122.47 crore in the first quarter of 2002-03, compared to Rs 988.33 crore during Q1 of last year. The revenue collection, which in April was Rs 327.99 crore, rose to Rs 437.11 crore in May; but dropped to Rs 357.37 crore in June, department sources said. According to the sources, the first two months of the current fiscal witnessed a 17.27 per cent jump in gross revenue and a 28.75 per cent increase in net revenue over April and May of 2001. The increase was mainly due to the fact that duty drawback (incentive given on exports) outgo this year was Rs 52.39 crore (61.41 per cent) less than the corresponding period last year. Data showed that the bills of entry (B/Es) filed in the CCH increased by 14.22 per cent to 17,137 (in April and May) over the corresponding period last year. While the value of imports in the two months increased by 4.13 per cent to Rs 3,559.42 crore, the volume reduced by 0.52 per cent to 32.26 lakh tonne, sources said. "There was a revival trend in the first two months, but things slowed down during June," said a senior official at CCH. According to sources, revenue from machinery excluding machine tool increased by 18.92 per cent to Rs 179.76 crore (Rs 160.84 crore), electrical machinery rose by 30.76 per cent to Rs 112.81 crore (Rs 82.05 crore), project imports by 20.21 per cent to Rs 65 crore (Rs 44.79 crore) and motor vehicles and parts by 14.03 per cent to Rs 56.11 crore ( Rs 42.08 crore). Revenue from animal and vegetable products in the first three months of the current fiscal declined by 15.74 per cent to Rs 112.37 crore, petroleum and oils declined by 16.88 per cent to Rs 89.42 crore (Rs 106.3 crore), iron and alloy steel by 13.27 per cent to Rs 19.02 crore (Rs 32.29 crore), sources said. The impact of 2002-03 Budget was felt as far as items under the peak rate of duty was concerned, which was reduced from 35 per cent to 30 per cent, sources said. In the 35 per cent regime, up to May 31, 2002, the total value of imports was Rs 381.82 crore, fetching a duty of Rs 191.64 crore. In the 30 per cent regime after the Budget, the import of the same category rose to a value of Rs 868.87 crore, fetching a duty of Rs 322.90 crore, a 68.4 per cent increase in revenue over the corresponding two months of last year. The city-based SICAL contributed Rs 18 crore by importing coal handling equipment and cranes for the Ennore Port. A one-time major import from Power Grid Corporation saw a revenue inflow of Rs 69.62 crore. Further, the boom in the passenger car industry saw Rs 42.63-crore additional revenue from Hyundai (importing auto components and steel sheets). According to the official, following congestion at the Chennai port, a large portion of cargo got diverted to other ports, mainly to Tuticorin.
Hyundai tops importers' list Hyundai Motor India topped the list of 20 top importers and paid a Customs duty payment of Rs 69.93 crore to the Chennai Customs House (CCH). Bharat Sanchar Nigam Ltd paid Rs 15.05 crore as duty, while Power Grid Corporation paid Rs 13.76 crore. Visteon Automotive Systems India paid a duty of Rs 13.15 crore, while Ford India paid Rs 9.83 crore. Other major importers include ITC Ltd, Tamil Nadu Petroproducts, The Bank of Nova Scotia, Procter and Gamble, Amara Raja Batteries, TVS Motor, Lafarge India and Compaq Computer India. As for exporters (based on FOB value) during the first quarter of 2002-03, MRF Ltd topped the list with Rs 62.93 crore, followed by Gokaldas Images with Rs 21.02 crore and Ambattur Clothing with Rs 16.70 crore. Other major exporters included Farida Shoes, Texport Overseas, T. Abdul Wahid and Co, Shahi Export House, K. Mohan and Co, R.K. Industires, Farida Classic Shoes, Palmprint Textiles and Forward Shoes, sources said.
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