NEW DELHI: The first set of numbers after the rollout of the goods and services tax should calm any jitters about its prospects. GST came into effect July 1.In July 2016, total customs collections amounted to Rs 16,625 crore, which on average yields Rs 5,360 crore for the 10 days, but that includes basic customs duty . The Rs 4,000 crore of IGST does not include customs duty.“On the face of it, the pace of collections looks usual,” the official said. IGST on imports has replaced countervailing duty (CVD), levied in lieu of excise duty, and special additional duty (SAD).IGST is the sum of central GST and state GST levied on a local product and is in addition to the basic customs duty. CVD and SAD formed part of customs collections until now.

Source: Economic Times July 12, 2017 19:19 UTC