Indirect Tax Revenue Exceeds Revised Estimates By 12%
The net indirect tax collections in 2020-21 grew 12.3 per cent to Rs 10.71 lakh crore as compared to the previous fiscal year, thereby exceeding the target set in Revised Estimates (RE), the finance ministry said on Tuesday.
The mop-up through indirect taxes, which include GST, customs, and excise duties, was Rs 9.54 lakh crore in 2019-20. In the 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 per cent, the ministry said in a statement.
"The provisional figures for indirect tax collections (GST and non-GST) for 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 per cent," it said.
Net indirect tax collection for 2020-21 shows that 108.2 per cent 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 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.
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.