The Government has some reason to cheer as the collections from customs duty and IGST from imports has almost doubled to Rs 30,000 crore in just one month post implementation of Goods and Services Tax (GST).
GST, which subsumed more than a dozen central and state levies like excise duty, service tax and VAT, was implemented from July 1. The revenue collected include those on account of customs duty, Integrated-GST (IGST) from imports, countervailing duty (CVD), special addition duty (SAD) and cess collection on imported items.
“The collections from customs duty and IGST from imports post implementation of Goods and Services Tax (GST) has almost doubled to Rs 30,000 crore in July,” said a senior Government official.
The July collections compare to indirect tax collection of over Rs 16,000 crore of the same month of 2016. However, the tax revenues which will come on account of Central GST (CGST) and State GST (SGST) will be known only after domestic manufacturers, dealers and traders file their tax returns.