Robust collections in personal income tax and excise duty
The government’s revenue collection in April to October saw indirect tax-mop up growing at an impressive 26.7 per cent while that of direct tax came in at 10.6 per cent.
The total direct and indirect tax collections at the end of October stood at Rs 8.62 lakh crore, more than half the Rs 16.26 lakh crore target for 2016-17. The government is eyeing 12.64 per cent growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8 per cent in indirect tax at Rs 7.79 lakh crore.
Direct tax mop-up touched Rs 3.77 lakh crore and indirect tax revenue stood at Rs 4.85 lakh crore during April-October, led by robust collections in personal income tax and excise duty, respectively.
Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mobilisation from excise, service tax and Customs duty. The gross collection of corporate income tax (CIT) grew at 11.6 per cent while under personal income tax (PIT), it was 18.6 per cent over the corresponding period in the last financial year.
After adjusting for refunds, however, the net growth in CIT collections is five per cent while under PIT, it is 18.4 per cent. Refunds amounting to Rs 93,836 crore have been issued during April-October 2016, up 32.2 per cent from a year ago. Excise duty collections clocked a growth of 45.4 per cent in April-October at Rs 2.14 lakh crore while service tax recorded an increase of 26.9 per cent at Rs 1.43 lakh crore.
Customs mop-up during the 7-month period was at Rs 1.27 lakh crore, registering a growth of 4.1 per cent.
10TH NOVEMBER, THE BUSINESS STANDARD, NEW DELHI
The government’s revenue collection in April to October saw indirect tax-mop up growing at an impressive 26.7 per cent while that of direct tax came in at 10.6 per cent.
The total direct and indirect tax collections at the end of October stood at Rs 8.62 lakh crore, more than half the Rs 16.26 lakh crore target for 2016-17. The government is eyeing 12.64 per cent growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8 per cent in indirect tax at Rs 7.79 lakh crore.
Direct tax mop-up touched Rs 3.77 lakh crore and indirect tax revenue stood at Rs 4.85 lakh crore during April-October, led by robust collections in personal income tax and excise duty, respectively.
Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mobilisation from excise, service tax and Customs duty. The gross collection of corporate income tax (CIT) grew at 11.6 per cent while under personal income tax (PIT), it was 18.6 per cent over the corresponding period in the last financial year.
After adjusting for refunds, however, the net growth in CIT collections is five per cent while under PIT, it is 18.4 per cent. Refunds amounting to Rs 93,836 crore have been issued during April-October 2016, up 32.2 per cent from a year ago. Excise duty collections clocked a growth of 45.4 per cent in April-October at Rs 2.14 lakh crore while service tax recorded an increase of 26.9 per cent at Rs 1.43 lakh crore.
Customs mop-up during the 7-month period was at Rs 1.27 lakh crore, registering a growth of 4.1 per cent.
10TH NOVEMBER, THE BUSINESS STANDARD, NEW DELHI
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