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Cess to yield Rupees 55K crore in first 9 months of GST rollout
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.
New Delhi : 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, according to sources.
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.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.”
