Net indirect tax collections in FY21 up 12 pc to actual revenue receipts in FY20
P
rovisional 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 2019-20, marking a growth of 12.3 per cent, the government said on Tuesday.
Net indirect tax collection for 2020-21 shows that 108.2 per cent of the revised estimates of indirect taxes for 2020-21 has been achieved, according to a statement released by the Ministry of Finance.
As regards customs, net tax collections stood at Rs 1.32 lakh crore during 2020-21 as compared to Rs1.09 lakh crore during the previous financial rear, registering a growth of 21 per cent.
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 the previous financial year, registering a growth of more than 59 per cent.
Net tax collections on account of GST of Centre (CGST+IGST+ Compensation Cess) during 2020-21 is Rs 5.48 lakh crore as compared to Rs 5.99 lakh crore in the previous financial year.
Revised estimates of net GST collection including CGST and compensation cess for FY 2020-21 was Rs 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 FY's collection.
The GST collections were severely affected in 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 good figures in January and February. Several measures taken by the Central government helped in improving compliance in GST.
✔️ Net indirect tax collections in FY21 up 12 pc to actual revenue receipts in FY20
💕 Found this article helpful? Spread the word and support us!