Afternoon D & C Dedicated To Mumbai
Home > Business > Cess to yield Rs 55K cr in first 9 months of GST rollout

Cess to yield Rs 55K cr in first 9 months of GST rollout

Tuesday, May 30, 2017

The Centre expects to mop up as much as Rs 55,000 crore by levy of cess, including a big chunk from demerit and luxury goods, during the 9-month period of the current fiscal after the Goods and Services Tax (GST) is rolled out from July 1.

The amount to be raised through cess on coal as well as luxury items and sin goods will be used for compensating states for revenue shortfall following the implementation of the new tax regime. As per the revenue department's estimates, Rs 22,000 crore is expected to come from cess on coal, lignite and peat in the July-March period of current fiscal. Cess on tobacco is likely to yield around Rs 16,000 crore, a source told PTI.

The remaining amount in the 'Goods and Services Tax Compensation Fund' will come from cess on pan masala, aerated drinks and motor vehicles, the source added. The revenue department is hopeful that funds raised through different kinds of cess would be sufficient to take care any revenue shortfall that the states might face on account of GST rollout.

In an interview to PTI earlier, Revenue Secretary Hasmukh Adhia had said: "Roughly, we would think that whatever compensation is required for current year it would be made good from the cess income which we will get this year and cess tables have been arranged accordingly.

No Comments Posted
I am a 26-year-old married woman with one four-ye
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Brisk work activity will take its toll. Keep cool and control outbursts. You can earn more respect and goodwill by being tolerant. At the same time watch out for new work proposals which may not be above board. You are cautioned against an element of deception. A get-together with colleagues and friends will be refreshing. This is a good opportunity to get to know a person whom you are attracted to.
- Advertising -
Copper is the new silver — or so we’ve heard! If
You don’t need to make elaborate changes to your
If your anxious eyes were waiting for something t
Read More