Indirect and Direct tax collection shows robust growth; jumps 26.2% and 15.12% in April-November

12 Dec 2016 Evaluate

Government data showed robust growth in November tax collection defying all odds. Direct Tax Collections up to November, 2016 showed net collections at Rs. 4.12 lakh crore, 15.12% more than the net collections for the corresponding period last year led by increase in personal income tax; on the same time Indirect tax collections (Central Excise, Service Tax and Customs) up to November 2016 showed that net revenue collections are at Rs 5.52 lakh crore, which is 26.2% more than the net collections for the corresponding period last year, on the back of robust collection in excise duty.

In the Indirect tax collections, excise collections during April-November 2016, rose 43.5% to Rs 2.43 lakh as compared to Rs.1.69 lakh crore during the same period in the previous Financial Year. Service tax collections in the period climbed 25.7% to Rs. 1.60 lakh crore. Net tax collections on account of customs duty during April-November stood at Rs. 1.48 lakh crore as compared to Rs. 1.40 lakh crore during the same period in the previous financial year, thereby registering a growth of 5.6%. Till November 2016, 71.1% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.

On the direct tax front, the gross collection of corporate income tax (CIT) grew 11.22 percent, while the growth under personal income tax (PIT) was 22.41 percent over the corresponding period last fiscal. After adjusting for refunds however, the net growth in CIT collections is 8.75 percent, while under PIT it is 23.89 percent. Refunds amounting to Rs.1,05,561 crore have been issued during April-November 2016, up 17.35 percent from a year ago. Till November, 2016, 48.67% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

The total direct and indirect tax collections at the end of November stood at Rs 9.64 lakh crore, more than 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.

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