The Central Board of Excise and Customs’ (CBEC) revenue collection target of Rs 9.68 trillion from customs and the Goods & Services Tax (GST) is looking difficult due to the recent rollout of GST.
However, the body is in no mood to revise the target, CBEC chairperson Vanaja N. Sarna told Moneycontrol on the sidelines of ‘Customs Heritage Half Marathon-2017’ in Mumbai.
In July this year, the government rolled out the GST replacing the old taxation system in the country.
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“I think that six month is the better time to gauge the tax collection. It is why we haven’t revised the revenue collection target and we will take a call on it soon,” Sarna said.
The government’s Rs 2.11 lakh crore recapitalisation plan will further help achieve the target as public banks will be in a much better position to lend by then.
Sarna further said that the government body will try to achieve the above target. Right now, the priority of the department is to be a facilitator for a smooth rollout of the GST.
The department has, so far, disbursed Rs 200 crore refunds to the exporters. The CBEC earlier had said that it is considering various measures to help exporters whose capital has been blocked due to the delay in refund process after GST rollout.
Exporters can claim the refund via GSTR-2. For the month of July, the deadline for refund form is October 31.
“It is our job to penalize the traders. Our intelligence officials are constantly keeping a close watch on the entire development,” she said.