• The Excise Department has recorded a 26% Year-on-Year (YoY) revenue increase in comparison to the equivalent period in 2023 despite low production volumes. 
• The department had successfully recorded a 26% YoY increase in excise duties collected during the first four months of this year in comparison to the corresponding period in 2023. 

The Commissioner General of Excise, M.J. Gunasiri, reported a notable 26% Year-on-Year (YoY) increase in excise duties collected during the first four months of 2024 compared to the same period in 2023, despite lower production volumes. This surge in revenue is attributed to heightened excise tariffs and rigorous tax administration efforts. Despite decreased demand for excise articles due to price hikes, Gunasiri highlighted the department's success in meeting 98% of its revenue target for the period. Additionally, Gunasiri emphasized the department's firm stance on tax compliance, particularly targeting beedi manufacturers, threatening license revocation for those failing to meet tax obligations. The Excise Department also began issuing transport licenses for beedi manufacturers from May 1, provided taxes were paid, aiming to address logistical challenges faced during product transportation.

Excise Dept. reports 26% revenue increase amid production decline | The Morning