Customs, IGST collection nearly doubles to Rs 30,000-cr in July

Posted by Daily Shipping Times on 07-08-2017        Tweet

NEW DELHI: 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, a senior Government official said. 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 July collections compare to indirect tax collection of over Rs 16,000 crore of the same month of 2016. GST, which subsumed more than a dozen Central and State levies like excise duty, service tax and VAT, was implemented from July 1.

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. Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal with 13 lakh fresh registrations.

The first tax returns under the new GST regime can be filed till August 20 in GSTR 3B form. The final GST returns for July will have to be filed by the businesses by September 5.