New Delhi: The roll out of GST on 1st July 2017 has more or less has been smooth with the IGST collections on imports crossing ₹ 4,000 crores in the first ten days of the new regime implementation.
This should calm any nervousness and apprehensions about GST implementation. The overall collections have been very smooth and reached the number that forecasted, thus proving that the overall integration and process has been very smooth.
A senior government official confirmed that the collection had crossed ₹ 4,000 crores and these collections exclude the collections from natural gas and petroleum products, which do not come under the purview of GST.
Also, these collections are predominantly from the digital fillings, and the collections from the manual filings are expected soon. Hence the overall collections would go up.
As per the previous data of July 2016, the total custom collections amounted to approximately ₹ 16,625 crores, which on average for the first ten days would be ₹ 5,360. The numbers for the current period July 2017 look in line in with the last year and the pace looks usual and expected.
The ₹ 4,000 crore collections are sans the custom duty collections, which would eventually shoot up the number.
IGST (Integrated Goods and Services Tax) has replaced the old CVD (Countervailing Duty), which levied in place of the excise duty and SAD (Special Additional Duty). IGST is the summation of Central GST (CGST) and State GST (SGST) and is somewhat in addition to the customs duty.
Earlier CVD and SAD were a part of the customs duty collections, but post the implementation of GST and the roll out of new regime these all have come under one umbrella. The GST has replaced all the taxes such Central Excise Duty, VAT, Service Tax, Value Added Tax, Purchase Tax, Luxury Tax and created a single uniform tax for the entire nation. As many as 17 taxes have been integrated and clubbed together to one.