Provisional Indirect Tax Collections at 12 Percent Growth

Indirect Tax

The Ministry of Finance has informed that it has recorded Rs 10.71   lakh crore as provisional figure of net Indirect Tax collection for the Financial Year (FY) 2020-21.

It represents a growth of 12.3 percent as compared to Previous Year (PY), showing that 108.2 percent of the Revised Estimates (RE) of indirect taxes for FY 2020-21 has been achieved.

Out of the net Indirect Tax collections, Customs stood at Rs 1.32 lakh crore as compared to Rs.1.09 lakh crore during the PY, registering a growth of around 21 percent.

While, on account of Central Excise and Service Tax(Arrears) during FY 2020-21 stood at Rs. 3.91 lakh crore as compared to Rs 2.45 lakh crore in the PY, registering a growth of more than 59 percent.

Further, net tax collections on account of GST of Centre (CGST+IGST+ Compensation Cess) during FY 2020-21 is Rs 5.48 lakh crore as compared to Rs 5.99 lakh crore in the PY.

However, 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 percent of total targeted collection, though these are 8 percent lower than the last FYs collection.

The above figures are as yet provisional and subject to change pending reconciliation.

Indirect Tax

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