Indirect tax collection to increase by 12% to Rs 1.5 lakh crore in 2020-21

(PTI) New delhi date. 13

In the financial year 2020-21, the indirect tax collection of the central government has increased by 15 per cent to Rs 10.31 lakh crore from Rs 4.5 lakh crore last year. However, in the financial year 2020-21, GST collection has declined by 3%.

Indirect collection has been 2.4 per cent higher than the newly set target. The new target was set at Rs 4.5 lakh crore. Indirect taxes include GST, excise duty and customs.

It may be mentioned that the customs duty collection in the financial year 2020-21 has been Rs 1.5 lakh crore. This is 21 per cent more than last year. Last year, customs duty collection stood at Rs 1.08 lakh crore.

In the financial year 2020-21, the collection of central excise duty and service tax (arrears) has been Rs 2.71 lakh crore. Which was Rs 4.5 lakh crore last year.

However, the central government's GST (Integrated GST, Central GST, Compensation Cess) has come down by 9 per cent to Rs 4.5 lakh crore. Which was Rs 4.5 lakh crore last year.

GST collection has been 3% higher than the revised target. Due to the lockdown, the GST collection in the first six months of the financial year 2020-21 was significantly reduced. However, the last six months have seen a sharp rise in GST collection.

The government is planning to reduce excise duty on petrol and diesel but a final decision will be taken in due course, said Ajit Kumar, head of the Central Board of Indirect Taxes and Customs (CBIC), in a statement. It may be mentioned that in the financial year 2020-21, the excise duty on petrol and diesel has been increased by 8% as compared to last year.