As per provisional figures, net indirect tax collections for FY21 stood at Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for previous fiscal (FY20). Net Indirect Tax Collection for the last year shows that 108.2 per cent of the Revised Estimates (RE) of indirect taxes for FY21 has been achieved.The
Synopsis
Net goods and service tax collections for Centre – which includes central GST, integrated GST and compensation cess - during FY21 is Rs 5.48 lakh crore, 8% lower than Rs 5.99 lakh crore in FY20.
Agencies
Net tax collections on account of central excise and service tax (arrears) during FY21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in FY20, a growth of more than 59%.
The government has netted Rs 10.71 lakh crore as collections from indirect tax – including GST and non-GST – for FY21, which is 12% higher than actual revenue receipts of Rs 9.54 lakh crore for FY20. The finance ministry said in a statement that the provisional collections represent 108.2% of the Revised Estimates of Rs 9.89 lakh crore for FY21.
GST collections hit record high of Rs 1.24 lakh crore in March
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GST collections hit record high of Rs 1.24 lakh crore in March
TNN / Updated: Apr 2, 2021, 07:52 IST
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NEW DELHI: GST collections rose 27% to hit a record high of nearly Rs 1.24 lakh crore in March, helping to narrow the deficit for the full financial year to around 7%.
The mop-up based on sales in February 2021, for which returns were filed in March was boosted by imports with revenue from imported goods jumping 70%, while those from domestic transactions, including services imports, were 17% higher than the corresponding period in 2020.
The impact of the coronavirus pandemic was first seen in February 2020 when the lockdown in Wuhan resulted in a disruption of shipments coming from China, where the deadly virus was first spotted.
Dive Brief:
The U.S. Department of Justice s Antitrust Division (DOJ) and the Alabama attorney general s office filed a civil suit against Republic Services yesterday, seeking divestitures across Alabama, Georgia, Mississippi, Tennessee and Texas in order to approve the company s pending acquisition of Santek Waste Services.
A proposed settlement would see two landfills, two transfer stations, four collection facilities and multiple small container commercial waste (SCCW) collection routes in the Southeast sold to Kinderhook Industries or an approved acquirer. The private equity firm s local portfolio companies include Capital Waste Services and EcoSouth Services. Certain Texas collection routes would also be sold to Waste Connections.
Dive Brief:
GFL Environmental announced an agreement late Monday to acquire Canadian company Terrapure Environmental s Solid Waste and Environmental Solutions business, excluding its battery recycling operations, for $927.5 million. Pending regulatory approval, the deal could close by the third or fourth quarter.
Terrapure reported $365 million in revenue last year, amid effects of the pandemic, and offers a range of solid waste and liquid waste services. The relevant division currently services more than 7,000 customers, with an estimated 1,600 employees and more than 500 collection vehicles.
In addition to solidifying GFL s Canadian presence, executives consider the deal attractive because it includes the Stoney Creek industrial landfill near Toronto. That site, permitted for up to 750,000 metric tons per year, recently received approval for a vertical expansion expected to add 14 years to its lifespan.