Direct tax kitty up 15%, indirect tax jumps 26%

New Delhi:

Direct tax

collections rose 15% in April-November compared to the same period last year, while indirect

tax

receipts grew 26%, maintaining a robust rate in the first eight months of the fiscal year.

Direct tax collections in the period totalled Rs 4 lakh crore. Till November 2016, 49% of the budget estimate of direct tax for 2016-17 has been achieved, the

finance ministry

said in a statement. Total

indirect

tax collection, including central excise, service tax and customs was Rs 5.52 lakh crore. Till November, about 71% of the budget estimates of indirect tax for 2016-17 has been achieved.

The government is hopeful of meeting the budget targets and it expects this financial year to be a revenue surplus. It is eyeing 12.6% growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8% in indirect tax at Rs 7.79 lakh crore.

Corporate income tax rose 11%, while personal income tax grew 22%. However, after adjusting for refunds, the net growth in corporate tax receipts was 8.8%, while that in personal income tax receipts was 24%. Refunds amounting to Rs 1.1 lakh crore have been issued during April-November, 17.4% higher than those released during the corresponding period in the last year.

Regarding central excise, net tax collection stood at Rs 2.4 lakh crore during April-November compared to Rs 1.69 lakh crore during the corresponding period in the previous financial year, registering a growth of 43.5%.Net service tax collection during April-November stood at Rs 1.6 lakh crore compared to Rs 1.27 lakh crore during the corresponding period in the previous financial year, registering a growth of 26%. Net Customs receipts during April-November 2016 were Rs 1.48 lakh crore compared to Rs. 1.4 lakh crore during the same period in the previous financial year, a growth of 5.6%.

During November 2016, the net indirect tax (with additional revenue mobilisation) grew 23% compared to the corresponding month last year. The growth rate in net collection for customs, central excise and service Tax was 16.1%, 33.7% and 15.5% respectively for November, compared to the corresponding month last year. However, the total indirect tax collection (with additional revenue measures) in November showed a decline of 13.9% over October 2016 figures.


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