News Snapshot:
One unintended consequence of the advent of the Goods & Services Tax (GST) is its impact on the Union Budget. On the indirect taxes front, only the changes in the customs side figure in the Budget. It is the GST Council, in the full public glare, which makes recommendations on goods and services. Customs does contribute to the revenue kitty; it is not a major contributor. Last year, for instance, for every Rs 100 of revenue collected, the contribution from customs was Rs 5, the total Budget estimates projected for 2022-23 for customs being Rs 2,13,000 crore. Customs now increasingly...
