Custom Duty, IGST Collection Doubles Post GST in July

Posted By: Religare
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    A Government Official has said that 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.

    Custom Duty, IGST Collection Doubles Post GST in July

    As per reports, 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.

    As per reports, 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.

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

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