Union Finance Minister Nirmala Sitharaman, in her 2021 Budget announcements, said every possible step would be taken to smoothen the Goods and Services Tax (GST) structure further and remove anomalies such as inverted duty structures.
A revised custom duty structure was on the anvil, she added.
The Finance Minister proposed to review over 400 archaic exemptions this year. It will be conducted through extensive consultations and a revised customs duty structure free of distortions will be in place from October 1.
Ms. Sitharaman pointed to record GST collections in the last few months.
The Gross GST revenue in January (as of 6 p.m. on January 31) is ₹1,19,847 crore, of which CGST is ₹21,923 crore, SGST ₹ 29,014 crore, IGST ₹ 60,288 crore (including ₹ 27,424 crore collected on import of goods) and cess ₹ 8,622 crore (including ₹ 883 crore collected on import of goods).
The total number of GSTR-3B returns filed in January is 90 lakh, according to the Press Information Bureau.