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Govt may miss revenue collection target for 2017-18 fiscal year due to GST rollout, says CBEC chief

For the year ending March 2018, the government has budgeted Rs 9.68 trillion collection from customs and Goods and Services Tax

By: PTI | Mumbai | Published: October 29, 2017 10:41:33 pm
Revenue collection, GST, GST rollout, Central Board of Excise and Customs, Customs department, Revenue shortfall, Fiscal deficit, 2017-2018 fiscal year, GST news The government does not plan to revise the revenue target. (Photo for representation)

The indirect revenue collection by the government might fall short of the target this fiscal due to the disruption caused by GST rollout, a top official said on Sunday.

For the year ending March 2018, the government has budgeted Rs 9.68 trillion collection from customs and GST. However, the official of the Central Board of Excise and Customs (CBEC) made it clear that there was no plan to revise the revenue collection target for the year. The CBEC functions under the revenue department of the Finance Ministry.

“The revenue collection target from customs and GST, which put together is Rs 9.68 trillion for the current fiscal, seems difficult for the department (to achieve) at the moment, keeping in view the recent GST rollout,” CBEC chairperson Vanaja Sarna said.

However, Sarna said the government had made it clear that it had no plans to revise the target. Rather, it would wait for the GST rollout to settle down over the next five to six months, she said. Moreover, the department will not penalise traders for any default on tax payment at the moment, she said.

Customs has done well but “we have to wait till the GST rollout settles down”, she added. Sarna said close to Rs 200 crore had been disbursed by the department in the form of refunds to exporters so far. Right now, she said, the department wants to be a facilitator for the GST implementation.

“It is not our job to penalise traders at the moment. This is despite the fact that our intelligence officials are constantly keeping a close watch on the entire development (related to GST),” she said.

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