 "Customs revenue of Rs 20,808 cr not realised in FY15")
The Customs department failed to realise revenue of Rs 20,808 crore demanded up to March 2015, due to delay in assessment, official auditor CAG has said.
"Customs revenue of Rs 20,808 crore demanded up to March 2015 was not realised by the department at the end of FY15. Of this, Rs 6,211 crore was undisputed. Eight zones accounted for 76 per cent of total revenue arrears pending during FY15," said the CAG Compliance Audit Report on 'Indirect Taxes-Customs' tabled in Parliament on Friday.
The report said there were abnormal delays in finalisation of provisional assessment and consequent postponement in realisation of revenue.
"More than 36,000 cases with bond value exceeding Rs 1,08,389 crore were pending beyond six months for collection of customs revenue," it said.
It said CAG detected incorrect assessment of customs duty totalling Rs 53.65 crore.
During 2014-15, the customs receipts of Rs 1,88,016 crore grew by nine per cent over the previous financial year accounting for 34 per cent of indirect tax revenue and 15 per cent of gross tax revenue.
The report observed that ratio of customs duty collected to GDP had reduced to 1.5 per cent, however, the duty foregone increased by 100 per cent to Rs 4,97,945 crore in the last five years.
"Customs revenue of Rs 20,808 crore demanded up to March 2015 was not realised by the department at the end of FY15. Of this, Rs 6,211 crore was undisputed. Eight zones accounted for 76 per cent of total revenue arrears pending during FY15," said the CAG Compliance Audit Report on 'Indirect Taxes-Customs' tabled in Parliament on Friday.
The report said there were abnormal delays in finalisation of provisional assessment and consequent postponement in realisation of revenue.
"More than 36,000 cases with bond value exceeding Rs 1,08,389 crore were pending beyond six months for collection of customs revenue," it said.
It said CAG detected incorrect assessment of customs duty totalling Rs 53.65 crore.
During 2014-15, the customs receipts of Rs 1,88,016 crore grew by nine per cent over the previous financial year accounting for 34 per cent of indirect tax revenue and 15 per cent of gross tax revenue.
The report observed that ratio of customs duty collected to GDP had reduced to 1.5 per cent, however, the duty foregone increased by 100 per cent to Rs 4,97,945 crore in the last five years.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%