Tax collection up 28% in April-July

Tax collections, excluding refunds, rose 27.9 per cent to Rs 4.31 lakh crore in the first four months (April to July) of the current financial year, compared to Rs 3.37 lakh crore in the corresponding period of 2015-16.

Refunds pulled back the growth in corporation tax collection in these four months. And, customs duty collections fell in July, indicating merchandise import fell at a sharper rate.

While indirect tax collection grew 29.9 per cent to Rs 2.72 lakh crore, that of direct taxes rose 24 per cent to Rs 1.59 lakh crore. Corporation tax gave an extra 2.8 per cent, while personal income tax went up 46.6 per cent.

SWELLING KITTY

While indirect tax collection grew 29.9 per cent to Rs 2.72 lakh crore, that of direct taxes rose 24 per cent to Rs 1.59 lakh crore

Refunds were Rs 64,181 crore in April-July, 10.4 per cent higher than in the corresponding period last year

Direct tax collection, net of refunds, were almost 18.8 per cent of the Budget Estimate (BE) of Rs 8.47 lakh crore for 2016-17

Customs duty collections rose only 7.9 per cent in these first four months at Rs 71,767 crore, against Rs 66,495 crore in 2015's corresponding period

Refunds were Rs 64,181 crore in April-July, 10.4 per cent higher than in the corresponding period last year. Inclusive of refunds, corporation tax collection was up 11.6 per cent and personal income tax collection by 31.5 per cent.

Direct tax collection, net of refunds, were almost 18.8 per cent of the Budget Estimate (BE) of Rs 8.47 lakh crore for 2016-17. That of indirect tax was 34.9 per cent of the BE of Rs 7.8 lakh crore.

Among the latter, excise duty collection was up 50.8 per cent at Rs 1.23 lakh crore from Rs 81,748 crore in the same period of the previous year. Part of it is the result of extra measures taken by the government, such as more excise duty on petroleum. The services tax kitty went up 25.8 per cent to Rs 76,679 crore, from Rs 60,974 crore in April-July of 2015-16.

Customs duty collections rose only 7.9 per cent in these first four months at Rs 71,767 crore, against Rs 66,495 crore in 2015's corresponding period. The kitty under this head declined 11 per cent in July at Rs 16,959 crore, against Rs 19,045 crore in the same month of 2015.

Merchandise imports for the first three months of the current financial year contracted by 14.5 per cent at $84.5 billion, against $98.9 bn in the same months of the previous year. The data for July is likely to come next week.

Business Standard New Delhi,10th August 2016

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