Revenue Department exceeds Revised Tax Collections target for 20…

Direct
Tax collections up to March, 2017 stood at
Rs.
8.47 Lakh Crore which is 14.2% more than the Net Collections for the
corresponding period last year; Indirect tax collections (Central Excise,
Service Tax and Customs) in FY 2016-17 are at Rs 8.63 Lakh Crore, which is 22.0%higher
than the actual Revenue Receipts in FY 2015-16.

 

                        The
total tax revenue targets of the revised estimates for 2016-17 for both
Direct and Indirect Taxes was Rs. 16.97 lakh crore of which 8.47
lakh crore
was for Direct Tax and Rs.8.5 lakh crore from Indirect
Tax.  It may be recalled that the Revised Estimate figures of 2016-17 was Rs.16.97
lakh crore
compared to the Budget Estimates figures of  Rs.16.25 lakh
crore
in 2016-17. As against the Revised Estimate, the provisional figure
of tax collection is Rs 17.10 lakh crore, which is a growth of around 18%
compared to last year.

 

Direct Taxes

 

The
provisional figures for Direct Tax collections up to March, 2017 show that net
collections are at
Rs. 8.47 lakh crore
which is
14.2% more
than the net collections for the corresponding period last year, which is a
major increase compared to the growth rate of the previous FY. Net direct tax
collections stand at
Rs 8.47 lakh crore which
shows
100%
achievement
for F.Y 2016-17.

           

As
regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax
(PIT), in terms of Gross revenue collections, the growth rate under CIT is
13.1%
while that under PIT (including STT) is
18.4%.
However, after adjusting for refunds, the net growth in CIT collections is
6.7%
while that in PIT collections is
21.0%.
Refunds amounting to Rs.
1.62 lakh crore have
been issued during April 2016-March 2017, which is
32.6%
higher than the refunds issued during FY 2015-16.

 

 

Indirect Taxes

 

            The
figures for indirect tax collections (Central Excise, Service Tax and Customs) in
FY 2016-17are at Rs 8.63 lakh crore, which is 22.0%higher than
the actual revenue receipts in FY 2015-16. Till March 2017, about 101.35%
of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has
been achieved.

 

            As
regards Central Excise, net tax collections stood at Rs. 3.83 lakh crore
during FY 2016-17 as compared to Rs.2.86 lakh crore in the previous Financial
Year, thereby registering a growth of 33.9%.

 

            Net
Tax collections on account of Service Tax during FY 2016-17 stood at Rs.
2.54 lakh crore
as compared to Rs.2.11 lakh crore in the previous Financial
Year, thereby registering a growth of 20.2%.

 

            Net
Tax collections on account of Customs during FY 2016-17 stood at Rs. 2.26
lakh crore
as compared to Rs. 2.10 lakh crore in the previous Financial
Year, thereby registering a growth of 7.4%.

 



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DSM/VKS/KA

 

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