Centre's tax collections up 18% at Rs17,10,000 cr, beats revised target

Ccentral government tax collections, including direct and indirect taxes, exceeded the revenue department's revised target for 2016-17 by around 18 per cent and stood at Rs17,10,000 crore, against the revised target of Rs16,97,000 crore, provisional figures released today showed.

Direct tax collections up to March 2017 stand at Rs8,47,000 crore which is 14.2 per cent higher than the net collections for the corresponding period last year;

Indirect tax collections (which include central excise, service tax and customs) in financial year 2016-17 stand at Rs8,63,000 crore, which is 22.0 per cent 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 Rs16,97,000 crore, of which 8,47,000 crore was for direct tax and Rs.8,50,000 crore from indirect tax.

It may be recalled that the budget estimate of Rs16,25,000 crore in 2016-17 has been revised to Rs16,97,000 crore. Against the revised estimate, the provisional figure of tax collection is Rs17,10,000 crore, which is a growth of around 18 per cent compared to last year.

The provisional figures for direct tax collections up to March 2017 show that net collections are at Rs8,47,000 crore, which is 14.2 per cent higher 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 Rs8,47,000 crore, which shows 100 per cent achievement for FY 2016-17.

Revenue from corporate income tax (CIT) increased by 13.1 per cent while revenue from personal income tax (PIT) that includes STT, is 18.4 per cent. However, after adjusting for refunds, the net growth in CIT collections is 6.7 per cent while that in PIT collections is 21.0 per cent. Refunds amounting to Rs1,62,000 crore have been issued during April 2016-March 2017, which is 32.6 per cent higher than the refunds issued during FY 2015-16.

Indirect tax collections (which include central excise, service tax and customs) in FY2016-17 sands at Rs8,63,000 crore, which is 22 per cent higher than the actual revenue receipts in FY 2015-16. Till March 2017, about 101.35 per cent of the revised estimates (RE) of indirect taxes for financial year 2016-17 has been achieved.

Net collection of central excise duty stood at Rs3,83,000 crore during FY 2016-17 against Rs2,86,000 crore in the previous financial year, thereby recording a growth of 33.9 per cent.

Net tax collections on account of service tax during FY 2016-17 stand at Rs2,54,000 crore against Rs2,11,000 crore in the previous financial year, thereby recording a growth of 20.2 per cent.

Net tax collections on account of customs during FY2016-17 stand at Rs2,26,000 crore against Rs2,10,000 crore in the previous financial year, thereby posting a growth of 7.4 per cent.