Indirect Tax collections for F Y 2020-21 registers a growth of 12 per cent
New Delhi, Apr 13 (KNN) The net indirect tax collections in 2020-21 has registered a growth of 12.3 per cent as the collection stood at Rs 10.71 lakh crore as compared to the previous fiscal year, thereby exceeding the target set in revised estimates.
“Provisional Net Indirect Tax collections (GST & Non-GST) for the Financial Year 2020-21 show growth of more than 12 per cent compared to actual Revenue Receipts in FY 2019-20. Net Indirect Tax collections represent 108.2 per cent of the Revised Estimates of RS 9.89 lakh crore of Indirect Taxes for the FY 2020-21,” a statement issued by the Finance Ministry said on Tuesday.
As regards customs, net tax collections stood at Rs 1.32 lakh crore during Financial Year 2020-21 as compared to Rs 1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21 per cent.
Net Tax collections on account of Central Excise and Service Tax (Arrears) during Financial Year 2020-21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in the previous Financial Year, thereby registering a growth of more than 59 per cent.
Net Tax collections on account of Central Excise and Service Tax (Arrears) rose to Rs 3.91 lakh crore from Rs 2.45 lakh crore thereby registering a growth of more than 59 per cent. Though net tax collections on account of GST of the Centre (CGST+IGST+ Compensation Cess) slipped to Rs 5.48 lakh from FY 20’s actual collection of Rs 5.99 lakh crore, still it is higher than revised estimate of 5.15 Lakh crore. Thus, the actual net GST collections is 106 per cent of total targeted collection, though these are 8 per cent lower than the last FYs collection.
The GST collections were severely affected in the first half of the financial year on account of Covid. However, in the second half, the GST collections registered a good growth and collections 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 after very good figures in the month of January and February. Several measures taken by the Central Government helped in improving compliance in GST.