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  3. Indirect tax collection jumps 26%, direct tax collection up 9% in H1 FY17

Indirect tax collection jumps 26%, direct tax collection up 9% in H1 FY17

13 Oct 2016 Evaluate

The Government's revenue collection in the first half of the current financial year has shown a healthy growth, indirect tax collection jumped by 25.9 percent to Rs 4.08 lakh crore on account of increase in excise duty mop-up, while direct tax collection too rose modestly by 9 percent to Rs 3.27 lakh crore led by increase in personal income tax. The total direct and indirect tax collections at the end of September stood at Rs 7.35 lakh crore, almost half the Rs 16.26 lakh crore target for 2016-17. The government is eyeing 12.64 percent growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8 percent in indirect tax at Rs 7.79 lakh crore.

In the Indirect tax collections, excise collections during April-September rose 46.6 percent to Rs 1.83 lakh crore on a year-on-year basis. Service tax collections in the same period climbed 22.1 percent to Rs 1.16 lakh crore. Net tax collections on account of customs duty during April-September 2016 stood at Rs 1.08 lakh crore as compared to Rs 1.03 lakh crore during the same period in the previous financial year, thereby registering a growth of 4.8 percent. The net indirect tax collection in the April-September period achieved 52.5 percent of the Budget estimates for 2016-17.

On the direct tax front, the gross collection of corporate income tax (CIT) grew at 9.54 percent, while the growth under personal income tax (PIT) was 16.85 percent over the corresponding period last fiscal. After adjusting for refunds however, the net growth in CIT collections is 2.56 percent, while under PIT it is 18.60 percent. Refunds amounting to Rs 86,491 crore have been issued during April-September 2016, up 26.99 percent from a year ago. Till September 2016, advance tax collections have hit Rs 1.58 lakh crore, a growth rate of 12.12 percent. Direct tax collection in the first six months of the current financial year accounted for 38.6 percent of the Budget estimates for 2016-17.

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