After one month of the implementation of Goods and Services Tax (GST), the collections from customs duty and Integrated-GST (IGST) from imports has almost doubled to Rs 30,000 crore in July. The July collections compare to indirect tax collection of over Rs 16,000 crore of the same month of 2016.
The revenue collected include those on account of customs duty, IGST from imports, Countervailing Duty (CVD), special addition duty (SAD) and cess collection on imported items. 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. Besides, over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal with 13 lakh fresh registrations.
