Higher Customs revenue likely to help govt rein in its fiscal deficit

As an unexpected saviour, a higher-than-expected revenue from Customs duties is likely to help the government rein in its fiscal deficit within the targeted 3.3 per cent of gross domestic product in 2018-19 (FY19).

Business Standard has learnt from official sources that net Customs revenue has registered a growth of 26 per cent in the first six months of the financial year: April–September FY19. This is higher than the growth of 19 per cent the government expects in basic Customs duties.

Another set of data points in the same direction. The finance ministry’s port-level data shows that gross import tax