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Revenue Collection for the last fiscal outshines all estimates to affirm India's robust growth trajectory
Revenue Collection for the last fiscal outshines all estimates to affirm India's robust growth trajectory
Revenue Collection for the last fiscal (FY21) has outshined all estimates to affirm India's robust growth trajectory.
Revenue Collection for the last fiscal (FY21) has outshined all estimates to affirm India's robust growth trajectory. The provisional figures for Net Indirect Tax collections released by the Finance Ministry for the Financial Year 2020-21 have shown growth of more than 12 per cent as compared to the actual Revenue Receipts in Financial Year 2019-20.
The provisional figures for indirect tax collections including both GST & non-GST numbers for the last fiscal has shown net revenue collections of Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for the 2019-20 fiscal registering a growth of 12.3 per cent. Net Indirect Tax Collection for the Financial Year 2020-21 shows that 108.2 per cent of the Revised Estimates (RE) of indirect taxes for Financial Year 2020-21 has been achieved.
As regards customs, net tax collections stood at Rs 1.32 lakh crore during Financial Year 2020-21 as compared to Rs 1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21 per cent.
Net Tax collections on account of Central Excise and Service Tax (Arrears) during Financial Year 2020-21 stood at Rs. 3.91 lakh crore as compared to Rs.2.45 lakh crore in the previous Financial Year, thereby registering a growth of more than 59 per cent.
Net Tax collections on account of GST of Centre (CGST+IGST+ Compensation Cess) during Financial Year 2020-21 is Rs. 5.48 lakh crore as compared to Rs. 5.99 lakh crore in the previous Financial Year. Revised estimates of Net GST collection including CGST and Compensation Cess for FY 2020-21 was Rs. 5.15 Lakh crore. Thus, the actual net GST collections are 106 per cent of the total targeted collection, though these are 8 per cent lower than the last FYs collection.
The GST collections were severely affected in the first half of the Financial year on account of Covid. However, in the second half, the GST collections registered a good growth and collections exceeded Rs 1 lakh crore in each of the last six months. March saw an all-time high of GST collection at Rs 1.24 lakh crore after very good figures in January and February. Several measures taken by the Central Government helped in improving compliance in GST.
