Central Board of Excise and Customs (CBEC) has declared first-month revenue data after the implementation of the Goods and Services Tax Regime. Within 15 days of implementation, the government has observed that the revenue from imports has increased by 11 percent in the new regime. The exact figures or data about increasing in revenues will be declared in the month of October when the new indirect tax regime will complete its first- quarter. The figures have been disclosed by CBEC.
Vanaja Sarna, Chief of Central Board of Excise and Customs said, “Revenue from customs is all right. We hope we will incur the same revenues that we have incurred in the past, though we do expect growth as we expand year to year. Rs 12,673 crore has been collected as revenue in the first 15 days from June 30 midnight.”
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It is anticipated that the total revenue received from the GST will be declared in October, as taxpayers will file returns in the month of September. The total revenue from imports in between 1st July to 15th July was Rs 12,673 crore whereas in the month of June it was Rs 11,405 crore in the same period.
The total revenue from 1st July to 15th July comprises taxes such as custom Duty, IGST, and Compensation Cess, whereas countervailing duties (CVD) and special additional duties (SAD ) are exempted on petroleum products under GST. The total taxpayer base in the new indirect regime will be easily enhanced up to 80 lakh. Till now, 75 lakh new and old enrolments have been registered in the new indirect tax regime.
