Page 443 - ES 2020-21_Volume-1-2 [28-01-21]

70 Economic Survey 2020-21 Volume 2

Figure 10: Composition of taxes in Gross Tax Revenue in 2020-21 BE

GTR

Source: Union Budget Documents & CGA
GTR: Gross Tax Revenue, CIT: Corporation Tax, ToI: Taxes on Income other than
Corporation Tax (includes STT), C: Customs, UED: Union Excise Duties, GST:
Goods and Services Tax

2.28 The trends in major taxes in relation to GDP displayed in Figure 11 show that receipts
from corporate and personal income tax have come down in 2019-20 PA compared to the trend
of improvement observed over the previous years. This is due to the moderation in growth of the
economy during 2019-20 and implementation of structural reforms like Corporate Tax rate cut.
As against the 2020-21 BE of ` 16.36 lakh crore for Net Tax Revenue to the Centre, the actual
realization up to November 2020 has been ` 6.88 lakh crore, which is 42.1 per cent of BE.

Figure 11: Taxes as a percent of GDP

12.0

10.0
2.6 3.1 2.9 3.1 GST
2.5
8.0
Per cent of GDP 6.0 1.5 0.8 1.5 2.5 0.6 1.2 0.5 1.2 0.6 1.2 UED

Custom
2.5
ToI
2.4
2.8
4.0
2.4
CIT
2.0
3.2 3.3 3.5 2.7 3.0
0.0
2016-17 2017-18 2018-19 2019-20 PA 2020-21 BE
Source: Union Budget Documents & CGA
BE: Budget Estimate, PA: Provisional Actual, CIT: Corporation Tax, ToI: Taxes on Income other than
Corporation Tax (includes STT), UED: Union Excise Duties, GST : Goods and Services Tax
Non-Tax Revenue
2.29 Non-Tax revenue comprises mainly of interest receipts on loans to States and Union
Territories, dividends and profits from Public Sector Enterprises including surplus of Reserve
Bank of India (RBI) transferred to Government of India, receipts from services provided by the
Central Government and external grants. The Budget 2020-21 aimed to raise ` 3.85 lakh crore