Net indirect tax collections (GST and non-GST) for the financial year 2020-21 increased bt 12.3 per cent to Rs10.71 lakh crore aagainst Rs9.54 lakh crore for the financial year 2019-20, provisional figures released by the finance ministry show.
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 fiscal 2020-21 has been achieved.
Net customs duty collections stood at Rs1.32 lakh crore during the financial year 2020-21 compared to Rs1.09 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 Rs3.91 lakh crore compared to Rs2.45 lakh crore in the previous financial year, thereby registering a growth of more than 59 per cent.
Net tax collections on account of GST of centre (CGST+IGST+ Compensation Cess) during financial year 2020-21 stood at Rs5.48 lakh crore against Rs5.99 lakh crore in the previous financial year. Revised estimates of net GST collection (including CGST and Compensation Cess) for FY 2020-21 was Rs5.15 lakh crore. Thus, the actual net GST collection is 106 per cent of the total targeted collection, though these are 8 per cent lower than the last FYs collection.
GST collections were severely affected in the first half of the financial year on account of the Covid-19 pandemic. However, in the second half, GST collections registered a good growth and collections exceeded Rs1 lakh crore in each of the last six months. March saw an all-time high of GST collection of Rs1.24 lakh crore, after very good figures in the month of January and February.