CBIC hopes to maintain Rs 1.35 lakh crore collection

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CBIC hopes to maintain Rs 1.35 lakh crore collection

On Thursday, the Central Board of Indirect Taxes and Customs CBIC chairman Vivek Johri said that he is hopeful of maintaining the average monthly GST collection of Rs 1.35 lakh crore. However, duty cut and rising commodity price may put pressure on custom and excise duty collection. He attributed the collection to bounce back in economy, better compliance and use of technology in plugging revenue gaps, but he also attributed it to inflation and high oil prices. Revenues will be under pressure on the Customs side because of rising commodity prices. Excise will take a hit because of the duty cut, Johri said while addressing a FICCI conclave. He said that the entire exercise of revenue augmentation has been driven by data analytics and data triangulation. By implementing data triangulation with the DGFT Directorate General of Foreign Trade and income-tax department, we have culled out risky taxpayers and suspended their registrations. Johri said that gamers and those who were gaming the system have been culled out. He said that the CBIC is also focused on revenue loss due to smuggling and illegal trade. We are aggressively opposing illegal trade in these goods at the CBIC. In 2021 - 22 we recovered 92,000 kg of narcotics worth Rs 17,400 crore, during this period we also seized 14 crore cigarette sticks, Johri said. To curb the trade, the CBIC has ramped up the use of technology in their operations with 22 cargo scanners at 16 locations in order to ensure 100% scanning of all containers coming into the country through gateway ports, Johri said.