Custom duty has increased by 21 per cent year-on-year in the financial year 2020-21.
India’s indirect tax collections (indirect tax collection) has seen a 12 per cent jump on an annual basis in FY 2020-21 and has reached Rs 10.71 lakh crore. Explain that GST is also included in this. The indirect tax collection for 2020-21 is 8% higher than the revised estimate of Rs 9.89 lakh crore for Finance 2021.
Significantly, the net direct collection of the central government also saw an increase this year. Explain that net direct collection mainly includes taxes on corporate and personal income. India’s direct tax collection was also 4.42 per cent higher than its forecast. India’s direct tax collection for FY 2021 was Rs 9.45 lakh crore.
Providing provisional data on these direct tax collections, the Finance Minister said in his statement that the Custom Duty has increased by 21 per cent year-on-year in FY 2020-21 and has been at Rs 1.32 lakh crore.
Similarly, the net central excise and service tax has shown an increase of 59 per cent on an annual basis and it has been increased from Rs 2.45 lakh crore in the last year i.e. FY 2019-20 to Rs 3.91 lakh crore.
Similarly, the net GST of the central government has been at Rs 5.48 lakh crore in the financial year 2020-21, which was Rs 5.99 lakh crore last year. This means that in FY 2021, the central government’s net GST collection has seen a decline of 8.5% on an annual basis.
