Centre’s net indirect tax collections in FY21 jumped 12% at ₹10.71 lakh crore - Hindustan Times
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Centre’s net indirect tax collections in FY21 jumped 12% at 10.71 lakh crore

ByRajeev Jayaswal
Apr 13, 2021 02:34 PM IST

This is over 8% more than the revised estimate (RE) of ₹9.89 lakh crore for FY21, as per the official data released on Tuesday

India’s net indirect tax receipts, including Goods and Services Tax (GST), jumped 12% at 10.71 lakh crore in 2020-21 compared to the previous financial year, which is over 8% more than the revised estimate (RE) of 9.89 lakh crore for FY21, as per the official data released on Tuesday.

Representational Image. (Getty Images/iStockphoto)
Representational Image. (Getty Images/iStockphoto)

The Centre’s net direct tax collections, mainly comprising corporate and individual income-tax, already surpassed the RE by 4.42% at 9.45 lakh crore in 2020-21.

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Giving provisional details of indirect tax collections, a finance ministry statement said that net customs duty receipts in 2020-21 saw a 21% year-on-year growth at 1.32 lakh crore and net central excise and service tax (arrears) mop up in the financial year ended March 31, 2021 was 3.91 lakh crore, a 59% jump over 2.45 lakh crore collected in 2019-20.

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The Union government’s net Goods and Services Tax (GST) receipts – Central GST (CGST), Integrated GST (IGST) and Compensation Cess – in 2020-21 was 5.48 lakh crore as compared to 5.99 lakh crore in the previous financial year, a fall of 8.5%. GST is one of the key indirect tax and a weathervane of consumption.

“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% of total targeted collection,” the statement said. GST collections were severely affected in the first half of the financial year on account of Covid-19 pandemic, it added.

However, in the second half, the GST collections registered a good growth and receipts exceeded 1 lakh crore in each of the last six months. March this year saw an all-time high of GST collection at 1.24 lakh crore, it said.

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