2020-21 indirect tax collections beat revised estimates by 8%: CBIC Chief
Out of the total provisional indirect tax collections, custom duty collections came in at Rs 1.32 lakh crore, excise and service tax collections came at Rs 3.91 lakh crore, while the net GST collection for the centre stood at Rs 5.48 lakh crore.
April 13, 2021 / 03:49 PM IST
Union Finance Ministry. (PC-PTI)
The provisional net indirect tax collections for 2020-21 came in at Rs 10.71 lakh crore, compared with revised estimates of Rs 9.89 lakh crore, M Ajit Kumar, Chairman of Central Board of Indirect Taxes and Customs, said on April 13.
“Provisional net indirect tax revenue collections including GST, customs, central excise and service tax arrears for FY 2020-21 stood at Rs 10.71 lakh crore, registering more than 12 percent growth year-on-year. Revised estimates for FY 2020-21 have been exceeded by 8.2 percent,” Kumar said while addressing a media briefing.
Out of the total provisional indirect tax collections, custom duty collections came in at Rs 1.32 lakh crore versus a revised target of Rs 1.12 lakh crore and excise and service tax collections came at Rs 3.91 lakh crore as against a target of 3.62 lakh crore. Kumar said that diesel and petrol excise duties were the biggest contributors to excise duties.
Revised estimates of net GST collection including CGST and compensation cess for FY 2020-21 was Rs 5.15 lakh crore while net GST Collection for the centre stood at Rs 5.48 Lakh Crore.
"In recent months, the net indirect tax collection have shown robustness. Most of the sector of the economy have bounced back after a difficult phase. metals, white goods, automobiles, cement, chemicals, electronics have shown good growth. This is sign of green shoot in the economy," Kumar said.
Looking ahead, the indirect tax chief said that in spite of localized lockdowns due to a spurt in Covid-19 cases, the department is confident of meeting its targets for 2021-22. "This momentum is likely to continue in the coming year and we anticipate a healthy growth in revenue as compliance improves further and economy grows much faster," he said.