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Centre’s indirect tax collections rise over 12% in FY21

NEW DELHI: The Centre’s net revenue collections from indirect taxes witnessed a 12.3 per cent rise in financial year 2020-21, provisional estimates released on Tuesday showed.
In an official statement, the ministry of finance informed that the provisional figures for indirect tax collections — both GST and non-GST — stood at Rs 10.71 lakh crore as compared to 9.54 lakh crore for the financial year 2019-20, thereby registering a growth of 12.3 per cent.
With this, the net indirect tax collections have exceeded the Rs 9.89 lakh crore target set in revised estimates (RE) for 2020-21 by the Centre.

Besides, 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.
However, it exceeded the revised estimate of net GST collection of Rs 5.15 lakh crore, which included CGST and Compensation Cess for 2020-21.
“The actual net GST collections is 106 per cent of total targeted collection (as per RE), though these are 8 per cent 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. In March, GST collections were at an all-time high of Rs 1.24 lakh crore.
As regards to customs, net tax collections stood at Rs 1.32 lakh crore during the year as compared to Rs 1.09 lakh crore in last fiscal, thereby registering a growth of around 21 per cent.
Further, net tax collections on account of central excise and service tax (arrears) during the year 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 per cent, the statement added.

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