The provisional net indirect tax collections (both GST and non-GST) for 2020-21 showed a 12 per cent growth as they stood at Rs 10.71 lakh crore, compared to the collections of the corresponding period which were Rs 9.54 lakh crore. The provisional figures released by the Ministry of Finance on Tuesday, further indicated that the net indirect tax collection for the financial year 2020-21 showed that 108 per cent of the Revised Estimates (RE) of indirect taxes for that fiscal have been achieved.
A statement issued by the Finance Ministry further said that the net tax collections stood at Rs 1.32 lakh crore during fiscal year 2020-21 as compared to Rs 1.09 lakh crore of the corresponding period, therefore recording a 21 per cent growth.
The net tax collections on account of Centre’s GST (which consists of Central GST, Integrated GST as well as Compensation Cess) during Financial Year 2020-21 was Rs 5.48 lakh as compared to Rs. 5.99 lakh crore in the previous fiscal. Revised estimates of net GST collection including CGST and Compensation Cess for fiscal 2020-21 was Rs. 5.15 lakh crore.
Thus, the actual net GST collections is 106 per cent of total targeted collection, though these are eight per cent lower than the last fiscal’s collection, the statement added.