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Indirect tax collection rises 12.3% to Rs 10.7 lakh cr in FY21

GST collection on account of GST of Centre (CGST+IGST+ compensation cess) during FY21 is Rs 5.48 lakh crore compared to Rs 5.99 lakh crore in FY21

twitter-logoBusinessToday.In | April 13, 2021 | Updated 14:56 IST
Indirect tax collection rises 12.3% to Rs 10.7 lakh cr in FY21
The FY21 net indirect tax collection shows that 108.2 per cent of the revised estimates of indirect taxes for the year were achieved, says the Centre

The total GST (Goods and Services Tax) and non-GST revenue collections for the financial year 2020-21 grew 12.3 per cent to Rs 10.71 lakh crore compared to Rs 9.54 lakh crore in FY20, the provisional figures for indirect tax show.

The FY21 net indirect tax collection shows that 108.2 per cent of the revised estimates of indirect taxes for the year were achieved, a finance ministry statement said. As regards customs, the net tax collections grew 21 per cent to Rs 1.32 lakh crore compared to Rs 1.09 lakh crore in the previous fiscal.

The GST collection on account of central excise and service tax (arrears) during FY21 stood at Rs 3.91 lakh crore compared to Rs 2.45 lakh crore in the previous financial year, growing at 59 per cent, the ministry data suggests.

The GST collection on account of GST of Centre (CGST+IGST+ compensation cess) during FY21 is Rs 5.48 lakh crore compared to Rs 5.99 lakh crore in FY21. The revised estimates of net GST collection, including CGST and compensation cess for FY21, was Rs 5.15 lakh crore. "Thus, the actual net GST collection is 106 per cent of total targeted collection, though these are 8 per cent lower than the last FYs collection," the ministry said.

The GST collections were severely affected in the first half of the financial year on account of Covid. In the second half, the collections registered a good growth and collections exceeded Rs 1 lakh crore in each of the last six months.

Direct tax collections for the financial year 2020-21 stand at Rs 9.45 lakh crore, which exceeds the revised estimates in Budget 2021. The direct tax collections represent 104.46 per cent of the revised estimates of Rs 9.05 lakh crore direct taxes for the FY21, a finance ministry's statement said. 

Also read: India fast-tracks emergency approval for foreign COVID-19 vaccines

Also read: Direct tax collection up 5% at Rs 9.45 lakh cr in FY21: CBDT

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