New Delhi: The Customs department is expected to collect over Rs 1.86 lakh crore as revenue during the ongoing financial year, Minister of State for Finance (Revenue and Disinvestment) S S Palanimanickam Thursday said.
"The Customs department plays a very important role in the economic development of the country. Revenue collection from customs duties this fiscal year is estimated to be over Rs 1.86 lakh crore. This is exemplary revenue collection effort," Palanimanickam said here.
He was speaking on the release of commemorative postage stamp on 50 years of The Customs Act, 1962 by Minister of Communications and Information Technology Kapil Sibal.
"The collections from Customs department is around Rs 1.5 lakh crore...So, you can understand the importance," Sibal said.
He also said that celebrating 50 years of The Customs Act is an ideal time to honour the department by releasing a commemorative postage stamp.
"At present, the Customs department is second largest indirect tax contributor to the exchequer," Sibal said.
Chairman of Central Board for Excise and Customs SK Goel highlighted the paradigm shift in the role of present day Customs, including the change in the profile of smuggling and other economic violations.
He also mentioned the adoption of e-governance practices by the Customs department.
A coffee table book on Indian Customs, 'Anything to Declare' was also released by the ministers at the function.
First Published: Thursday, July 26, 2012, 22:17