Skip to main content

IGST Mop-up from Imports Crosses Rs 20,000 Cr in July

By

Total customs revenues rise to Rs 26,500 cr as rollout of the new tax regime completes a month
The collection of Integrated Goods and Services Tax from imports crossed Rs 20,000 crore in July — the first month of the roll out of the new indirect tax regime, pointing towards a major jump in revenues. Total customs revenues in July 2017 stood at Rs 26,500 crore as against Rs 16,625 crore collected in July 2016.
Collections have been quite robust,” a government official said.
However, the official said IGST collections have also received a boost from the fact that there is a component of state GST as well in the tax.
Besides, the government has done away with a number of countervailing duty (CVD) exemptions and not extended them under the GST regime that were available in the previous tax regime, such as that on some electronic products.
The rise in customs revenues on imports should take care of any decline in GST collections because of any production-related disruption after the rollout of the new regime.
Overall GST trends would be available only in August when the final tax collection numbers for July are collated.
There is apprehensions that revenues may take a hit because of sluggish sales across the country in the first month of GST. Central Board of Excise and Customs would carry out a detailed analysis of the initial trends when the final numbers become available.
India rolled out GST, which replaces 17 central and state taxes such as central excise duty, service tax, value added tax and 23 cesses, from July 1.
IGST collections are first revenue trends on the new tax as also indication of the largely smooth rollout. IGST become payable from June 30 midnight on all goods entering the country, barring the exempted ones.
 
IGST on imports replaces countervailing duty and is levied in lieu of state GST and Central GST, but over and above basic customs duty. IGST is equal to the sum of 
Central GST and State GST levied on any product in the country. GST has subsumed countervailing duty, which was levied in lieu of central excise duty, and special 
additional duty on imports.
 
The Economic Times, New Delhi, 01st August, 2017

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more