The web oblique tax collections in 2020-21 grew 12.3 per cent to Rs 10.71 lakh crore as in comparison with the earlier fiscal 12 months, thereby exceeding the goal set in revised estimates, the finance ministry stated on Tuesday.
The mop-up by way of oblique taxes, which embrace GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the goal was set at Rs 9.89 lakh crore.
In 2020-21, the web GST assortment of the Centre stood at Rs 5.48 lakh crore, whereas Customs mop-up was Rs 1.32 lakh crore.
The web tax collections on account of central excise and Service Tax (arrears) throughout 2020-21 stood at Rs 3.91 lakh crore as in comparison with Rs 2.45 lakh crore in 2019-20, thereby registering a progress of 59.2 per cent, the ministry stated in a press release.
“The provisional figures for indirect tax collections (GST and non-GST) for Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for Financial Year 2019-20, thereby registering a growth of 12.3 per cent,” it stated.
Net oblique tax assortment for 2020-21 reveals that 108.2 per cent of the RE of oblique taxes for the final monetary 12 months has been achieved.
Net tax collections on account of GST of the Centre (Central GST+ Integrated GST+ Compensation Cess) in 2020-21 is Rs 5.48 lakh crore as in comparison with Rs 5.99 lakh crore within the earlier monetary 12 months.
RE of web GST assortment together with CGST and Compensation Cess for 2020-21 was Rs 5.15 lakh crore.
“The actual net GST collections is 106 per cent of total targeted collection (as per RE), though these are 8 per cent lower than the last FY’s (2019-20) collection,” the ministry added.
GST collections have been severely affected within the first half of 2020-21 on account of COVID-19. However, within the second half, GST collections registered progress and the mop-up exceeded Rs 1 lakh crore in every of the final six months.
March noticed an all-time excessive of GST assortment at Rs 1.24 lakh crore.
“Several measures taken by the central government helped in improving compliance in GST,” the ministry added.
