Despite the pandemic-induced slowdown, the indirect tax collections (GST & non-GST) for the financial year 2020-21 registered a growth of 12.3 per cent over the collections of the previous fiscal.
The 2020-21 figures released by the finance ministry said the provisional net revenue collections were at Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for fiscal year 2019-20. The ministry said the net indirect tax collection for 2020-21 shows that 108.2 per cent of the revised estimates (RE) of indirect taxes for the financial year has been achieved.
Even for the customs, the net tax collections stood at Rs 1.32 lakh crore during FY 2020-21 as compared to Rs.1.09 lakh crore during the previous fiscal, thereby registering a growth of around 21 per cent.
The net tax collections on account of central excise and service tax (arrears) during the financial year 2020-21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in the previous financial year—a growth of more than 59 per cent.
In the new tax structure, the net tax collections on account of GST of the Centre (CGST+IGST+ compensation cess) during the financial year 2020-21 stood at 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 was 106 per cent of total targeted collection, though these are 8 per cent lower than the collection last financial year,” the finance ministry said.
The ministry attributed this drop to Covid as the collections were seriously impacted during the first half of the last financial year, but picking up during the later half.
“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. Several measures taken by the Central government helped in improving compliance in GST,” the finance ministry statement said.
