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crofe to Rs 15,100 crore is the result of large growth of incomes of financial and non- financial companies and the higher salaried groups, but there are indications that the growth of corporate profits and salary incomes have not been sustained since the second half of 1995-96. The sharp rise of about 33 per cent in imports in 1995-96 and the depreciation of the rupee in the second half of the year also contributed to the rise in tax receipts in the form of a 32 per cent growth in customs duty receipts. What is remarkable, on the other hand, is that despite 25 to 35 per cent growth of sales generally reported by manufacturing firms, union excise duty collections have been placed Rs 1,780 crore lower at Rs 41,000 crore compared to the budget estimate of Rs 42,780 crore and the actual collections