The provisional figures for indirect tax collections (GST and non-GST) for the financial year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to 9.54 lakh crore for the financial year 2019-20, stated the finance ministry. With this, indirect tax collections registered a growth of 12.3 per cent.
The ministry stated that the net indirect tax collection for the financial year 2020-21 shows that 108.2 per cent of the Revised Estimates (RE) of indirect taxes for financial year 2020-21 has been achieved.
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
The 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. These taxes registered a growth of more than 59 per cent.
In the case of GST of Centre (CGST+IGST+ Compensation Cess) during financial year 2020-21, the next tax collection is Rs 5.48 lakh crore as compared to Rs 5.99 lakh crore in the previous financial year.
The 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 FYs collection.
The GST collections were severely affected in the first half of the financial year on account of COVID-19 pandemic. 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.