BackIndirect tax collection rises 27%, direct tax 15% in first five months of fiscal 2017
The total direct and indirect tax collections at the end of August stood at Rs5.25 trillion, about a third of the Rs16.26 trillion target for 2016-17
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New Delhi: The government’s revenue collection in the first five months of the current fiscal has shown impressive growth, with indirect taxes up 27.5% and direct taxes 15.03%.
The total direct and indirect tax collections at the end of August stood at ₹ 5.25 trillion, about a third of the ₹ 16.26 trillion target for 2016-17.
The government is eyeing 12.64% growth from direct tax to ₹ 8.47 trillion in the current fiscal, and 10.8% growth to ₹ 7.79 trillion from indirect tax.
Led by robust collections in personal income-tax and excise duty, direct tax mop-up touched ₹ 1.89 trillion and indirect tax revenue stood at ₹ 3.36 trillion during the April-August period.
Direct tax revenue includes corporate and personal income-tax. Indirect tax takes into account mop-up from excise, service tax and customs duty. The gross collection of corporate income-tax grew at 11.55%, while that under personal income-tax it was 24.06% over the corresponding period last fiscal.
After adjusting for refunds, however, the net growth in corporate income-tax collections is (-)1.89% while that in personal income-tax collections is 31.76%. Excise duty collections grew 48.8% in the April-August period to ₹ 1.53 trillion, while service tax recorded an increase of 23.2% at ₹ 92,696 crore.
Customs mop-up during the five-month period was at ₹ 90,448 crore, registering a growth of 5.7%.
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