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Published on 15/04/2021 1:58:24 PM | Source: IANS

Indirect tax mop-up exceeds RE, grows 12% in FY21 at Rs 10.71 lakh cr

Posted in Economy News| #Economy #GST #Tax

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The net indirect tax collection in 2020-21 grew 12.3 per cent annually to Rs 10.71 lakh crore, thereby exceeding the target set in revised estimates, the Finance Ministry said on Tuesday. The mop-up through indirect taxes, which include GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the target was set at Rs 9.89 lakh crore.

Net collections from Goods and Services Tax (GST) stood at Rs 5.48 lakh crore during 2020-21, an eight per cent drop compared to Rs 5.99 lakh crore in the previous fiscal year. This include revenues from Central GST, Integrated GST and compensation cess. Customs revenue during 2020-21 came in at Rs 1.32 lakh crore, a 21 per cent growth over Rs 1.09 lakh crore collected in 2019-20. Net collections from central excise and service tax (arrears) stood at Rs 3.91 lakh crore, up 59.2 per cent over Rs 2.45 lakh crore mopped up in 2019-20.

"The provisional figures for indirect tax collections (GST and non-GST) for Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for Financial Year 2019-20, thereby registering a growth of 12.3 per cent," a finance ministry statement said. It said during the last fiscal year, GST collections were severely affected in the first half on account of COVID-19. However, in the second half, GST collections registered a good growth and the mop-up 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. "Several measures taken by the central government helped in improving compliance in GST," the ministry added.

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