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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indirect tax

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.

In FY 2021, the income tax and corporate tax collections exceeded the revised estimates, totalling Rs 9.45 lakh crore.

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.