Direct tax collections form more than 56% of total tax collections in India
12 May 2015
Actual collection of direct taxes by the government stood at Rs6,95,988 core during the 2014-15 financial year ended 31 March 2015 against the revised estimates of Rs7,05,628 crore, minister of state in the ministry of finance Jayant Sinha informed the Rajya Sabha in written reply today.
Against this actual collection of direct taxes stood at Rs6,38,543 crore in 2013-14 against the revised estimates of Rs6,36,318 crore and Rs5,58,658 crore in 2012-13 against the revised estimate of Rs5,65,835 crore.
The percentage of contribution of direct taxes to the total central taxes (direct and indirect) stood at Rs12,40,145 crore, forming 56.12 per cent of total tax collections in 2014-15 against Rs11,35,604 rore (56.22 per cent) in 2013-14 and Rs10,33,140 crore (54.07 per cent) in 2012-13.
The government's indirect tax revenue (Provisional) collections increased by 46.2 per cent year-on-year to Rs47,747 crore during April 2015, from Rs32,661 crore in April 2014, provisional figures released by the finance ministry showed.
This is an achievement of 7.4 per cent of target fixed for budget estimates for the 2015-16 fiscal.
Central excise collections have increased by 112.3 per cent to Rs18,373 crore during April 2015 from Rs8,655 crore in April 2014, which represents 8.1 per cent of the target fixed in the 2015-16 budget.
Customs collections have increased by 23.6 per cent to Rs14,286 crore during April 2015 from Rs11,555 crore during April2014, registering an achievement of 6.9 per cent of the budget target for 2015-16.
Service tax collections have increased by 21.2 per cent to Rs15,088 crore during April 2015 from Rs12,451 crore in April 2014, registering an achievement of 7.2 per cent of the target fixed for the 2015-16 fiscal.
