Indirect Tax: Indirect tax collection increased 12 percent to Rs 10.71 lakh crore in FY 2020-21

Indian Finance Ministry said on Tuesday that net indirect tax collection in the financial year 2020-21 increased by 12.3 percent to Rs 10.71 lakh crore as compared to the previous financial year, which is higher than the revised estimate. Indirect tax collection was Rs 9.54 lakh crore in FY 2019-20, which includes GST, customs and excise. In the revised estimate for the financial year 2020-21, the target of collection of Rs 9.89 lakh crore was set.

The net GST collection of the center in the year 2020-21 was Rs 5.48 lakh crore, while the customs duty received Rs 1.32 lakh crore. The ministry said in a statement that net tax collection under the head of Central Excise and Service Tax (arrears) stood at Rs 3.91 lakh crore, compared to Rs 2.45 lakh crore during the previous financial year. It registered an increase of 59.2 percent.

“The provisional figures for indirect tax collections (GST and non-GST) for FY 2020-21 show that net revenue collection of Rs. 10.71 lakh crore as compared to Rs. 9.54 lakh crore in FY 2019-20,” the statement said. , Which shows an increase of 12.3 percent. ”

The data on net indirect tax collection shows that the tax collection during the reporting period was 108.2 percent as compared to the revised estimate. The ministry said that the actual GST collection is 106 percent of the total targeted collection (as per RE), although it is eight percent less than the previous financial year (2019-20).

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