Indirect tax revenue (including GST and non-GST) totalled Rs 10.71 lakh crore in FY20, a 12% increase over actual revenue receipts of Rs 9.54 lakh crore in FY20. According to the finance ministry, provisional collections account for 108.2% of the FY21 Revised Estimates of Rs 9.89 lakh crore.
GST collections were harmed in the first half of the financial year as a result of Covid. GST collections, on the other hand, increased dramatically in the second half, exceeding Rs 1 lakh crore in each of the last six months.
The Centre’s net tax collections (CGST+IGST+ Compensation Cess) for the Financial Year 2020-21 are Rs. 5.48 lakh crore, down from Rs. 5.99 lakh crore the previous Financial Year. Net GST collection projections for FY 2020-21, including CGST and Compensation Cess, were revised to Rs. 5.15 lakh crore. Despite being 8% lower than the previous fiscal, actual net GST collections account for 106 % of total targeted collections.
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GST collection reached an all-time high of Rs 1.24 lakh crore in March, following a good result in January and February. The federal government took a number of measures to further strengthen GST compliance.
Net tax receipts on account of Central Excise and Service Tax (Arrears) totalled Rs. 3.91 lakh crore in the Financial Year 2020-21, up from Rs. 2.45 lakh crore in the previous Financial Year, indicating a 59% rise.