500,000 register under composition scheme, IGST from imports hit 20,000 cr

Nearly 7.1 mn excise, service tax and VAT assessees have migrated to the GST Network till July 25

Over half-a-million businesses have opted for the goods and services tax (GST) composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, the government informed on Monday. 

The collection of Integrated GST from imports crossed Rs 20,000 crore in July that shows a steep hike in revenues, reported The Economic Times. This marks a 60 per cent rise in imports in just one month of GST.
 

The total customs revenues in the month stood at Rs 26,500 crore, whereas in the same month last year, the figure was Rs 16,625 crore.

This rise should help