 "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.