Indirect tax revenue up 12% at Rs 10.71 lakh crore in FY21
In the Revised Estimates for 2020-21, the target was set at Rs 9.89 lakh crore
New Delhi: The net indirect tax collections in 2020-21 grew 12.3% to Rs 10.71 lakh crore as compared to the previous fiscal year, thereby exceeding the target set in revised estimates, the finance ministry said on April 13.
The mop-up through indirect taxes, which include GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the target was set at Rs 9.89 lakh crore.
In 2020-21, the net GST collection of the Centre stood at Rs 5.48 lakh crore, while Customs mop-up was Rs 1.32 lakh crore.
The net tax collections on account of central excise and Service Tax (arrears) during 2020-21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in 2019-20, thereby registering a growth of 59.2%, the ministry said in a statement.
“The provisional figures for indirect tax collections (GST and non-GST) for Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for Financial Year 2019-20, thereby registering a growth of 12.3%,” it said.
Net indirect tax collection for 2020-21 shows that 108.2% of the RE of indirect taxes for the last financial year has been achieved.
Net tax collections on account of GST of the Centre (Central GST+ Integrated GST+ Compensation Cess) in 2020-21 is Rs 5.48 lakh crore as compared to Rs 5.99 lakh crore in the previous financial year.
RE of net GST collection including CGST and Compensation Cess for 2020-21 was Rs 5.15 lakh crore.
“The actual net GST collections is 106% of total targeted collection (as per RE), though these are 8% lower than the last FY’s (2019-20) collection,” the ministry added.
GST collections were severely affected in the first half of 2020-21 on account of COVID-19. However, in the second half, GST collections registered a good growth and the mop-up exceeded Rs 1 lakh crore in each of the last six months. March saw an all-time high of GST collection at Rs 1.24 lakh crore.
“Several measures taken by the central government helped in improving compliance in GST,” the ministry added.