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GST Collection On Imports Shows The New Regime Has Had A Smooth Start
GST (NOAH SEELAM/AFP/Getty Images)
Integrated goods and services tax (IGST) collections on imports in the first 10 days of the new, simplified regime have crossed Rs 4,000 crore, the Economic Times has reported. The figure, which excludes levies on petroleum and natural gas products is in line with expectation and suggests that the rollout has been smooth.
“Collections would have crossed Rs 4,000 crore. Data is pouring in and final tabulations will be available in some time,” the daily quoted a senior official as saying. “On the face of it, the pace of collections looks usual,” the official added, underlining that rollout of the new regime has been smooth.
Total customs collections in the month of July amounted to Rs 16,625 crore. This figure, on average, yields Rs 5,360 crore for the 10 days. However, this figure includes basic customs duty. The Rs 4,000 crore of IGST, which is the sum of the centre and state GST, does not include customs duty. IGST on imports has replaced countervailing duty and special additional duty that was earlier imposed.
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