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Centre collects Rs 13.33 lakh crore tax revenue till Dec 31, 2020

By TIOL News Service

NEW DELHI, MAR 08, 2021: GIVING details of the taxes which are solely collected by the Union Government, Mr Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today, stated them as under:-

Direct Taxes

Corporation Tax, Income Tax, Other Taxes in Income & Expenditure, Wealth Tax, Security Transaction Tax and Other Tax and Duty on Commodities & Services.

Indirect Taxes

Central GST, Union Excise Duty on petroleum products & tobacco and Custom duties. Out of these, levy and collection of Union Excise Duty on products outside GST and Custom Duty is done solely by the Union Government. However, under the GST, both the Union and States have concurrent powers to levy and collect tax.

The Minister further gave the tax-wise target for Central taxes to be collected from 1st April, 2020 to 31st March, 2021, tax-wise is as under:-

Direct Taxes (Rs. in Crore)

Major Head

Revised Target

Corporation Tax

4,46,000

Taxes on Income

4,47,000

Security Transaction Tax

12,000

Indirect Taxes (Rs. in Crore)

Major Head

Revised Estimate

Custom Duty

1,12,000

Union Excise Duty

3,61,000

Service Tax (arrears)

1,400

Goods and Services Tax including CGST, IGST & Compensation Cess

5,15,100

The Minister gave further details of amount of Central taxes which have been collected till 31 st December, 2020 (for financial year 2020-21) as under:

Particulars

Net Collection (Rs. in Crore)

Direct Taxes

6,20,529.14

Indirect Taxes

7,12,231.78

The releases of States' Share/Tax Devolution is as per the accepted recommendations of Finance Commission for its award period, the Minister stated.


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