The review will factor in revenue implications from duty relief measures announced to cushion industries from supply disruptions, alongside broader economic effects stemming from the geopolitical tensions, they said.
“Looking at the scenario…global disruptions and the headwinds we would need to sit and so some sort of analysis, particularly on the customs side,” an official said. However, the official said it was too early as it was the first week of the new financial year.
The government on Thursday exempted import of critical petrochemical products from customs duty for three months till June 30, giving relief to sectors like pharmaceuticals, chemicals and textiles. This came after it cut excise duty on petrol and diesel by Rs 10 a litre and petrol by Rs 3 a litre.
On Target
The official said that revenues from customs duty came in at 102% of the FY26 revised estimates (RE), while in case of excise duty it was 101 %. The central Goods and Services Tax collection was 100.8% of RE. However, the official did not part with the data.
The total indirect tax collections was pegged at over Rs 15.52 lakh crore for FY26. This includes Rs 2.58 lakh crore from customs duty, Rs 3.38 lakh crore from excise duty, and Rs 9.58 lakh crore from central Goods and Services Tax (CGST).However, the collection from health and national security cess, which is levied on pan masala manufacturing has missed the target.
The RE had pegged Rs 2,330 crore from the health and national security cess, levied on manufacturing capacity of pan masala units in FY26. However, the actual collections for FY26 came in lower at 63% of RE.