A higher-than-expected custom duties collected in the first half of the fiscal is likely to help the government check its fiscal deficit within the targeted 3.3 percent of gross domestic product (GDP) of 2018-19, Business Standard reported.
The customs revenue growth was registered at 26 percent for the period between April-September 2018-19, higher than the expected 19 percent in basic custom duties, the report said citing official sources.
The finance ministry’s port level data shows the gross import tax collection (customs and integrated goods and services tax) has grown about 33 percent in the period between April to October, as compared to last year, the report added.
However on the back of the rupee, that stabilised higher than the average level in the first half and higher custom duty rates that will be applied for a period of six months unlike the gradual rise of duties on commodities that happened in the first half, the revenue collected in the second could even be better, the report added quoting sources.
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First Published: IST