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.