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

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

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
By Rajeev Jayaswal
UPDATED ON APR 13, 2021 02:34 PM IST

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.

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.

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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