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Net Indirect Tax Collections (GST & Non-GST) Jumps 12% at Rs 10.71 Lakh Crore

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The government collected Rs 10.71 lakh crore in indirect tax revenue (including GST and non-GST), which is 12% more than the real revenue receipts of Rs 9.54 lakh crore in FY20. The provisional collections constitute 108.2% of the FY21 Revised Estimates of Rs 9.89 lakh crore, according to the finance ministry.

 

Due to Covid, GST collections were negatively impacted in the first half of the financial year. However, GST collections increased significantly in the second half, surpassing Rs 1 lakh crore in each of the last six months.

Net Indirect Tax Collections Jumps 12% at Rs 10.71 Lakh Crore

During the Financial Year 2020-21, the Centre's net tax collections (CGST+IGST+ Compensation Cess) are Rs. 5.48 lakh crore, down from Rs. 5.99 lakh crore the previous Financial Year. Revised estimates of Net GST collection for FY 2020-21, including CGST and Compensation Cess, were Rs. 5.15 lakh crore. This means that real net GST collections are 106%of total targeted collections, despite being 8% lower than the previous fiscal.

Following a strong performance in January and February, GST collection reached an all-time high of Rs 1.24 lakh crore in March. Several steps taken by the federal government aided in the improvement of GST enforcement.

 

During the Financial Year 2020-21, net tax receipts on account of Central Excise and Service Tax (Arrears) totalled Rs. 3.91 lakh crore, up from Rs. 2.45 lakh crore the previous Financial Year, indicating a 59% increase.

Read more about: income tax gst tax
Story first published: Wednesday, April 14, 2021, 9:51 [IST]
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