NEW DELHI: Though the complete revenue flows from the GST cannot be guaged before October when the new indirect tax regime completes its first quarter, the revenue collection from imports under the Goods and Services Tax has seen an 11 per cent month-on-month increase in the first 15 days, the CBEC has said.
The total revenue flow from imports stands at Rs 12,673 crore from July 1-15 as compared to Rs 11,405 crore in the corresponding period in June, the Central Board of Excise and Customs said.
The import of goods has been defined in the Integrated GST Act, 2017, as inter-state supplies, which call for a levy of IGST in addition to the Basic Custom Duty (BCD). Countervailing Duty (CVD) and Special Additional Duty (SAD) on imports have been subsumed in the GST, but not the BCD.
The total revenue figure from July 1-15 includes BCD, IGST, compensation cess, and CVD and SAD on the GST-exempted goods like petroleum products.
Under the GST regime, the supply of goods and services into the territory of India is deemed in the course of inter-state trade for levy of integrated tax.
So, import of goods and services is treated as deemed inter-state supplies and is subject to integrated tax.
"Revenue from customs is all right. We hope we will incur the same revenues that we have incurred in the past, though we do expect growth as we expand year to year. Rs 12,673 crore has been collected as revenue in the first 15 days from June 30 midnight," Chief of Central Board of Excise and Customs (CBEC) Vanaja Sarna said recently.
On the GST revenues in entirety, she said the first estimates will come only by October as the traders will file returns in September.
"We need at least one quarter of GST regime i.e. July-August-September. Somewhere in October, we can actually gauge the situation. We need to run GST for three months to actually get an assessment of the revenue," she said.
Though the rates have been fixed at "revenue neutral" to the extent possible to keep the tax incidence same then and now, Sarna said that there may not necessarily be a dip in revenue growth.