Indirect tax collection up 22.2% in April-February; direct tax collection rises 10.7%
11 March 2017
Indirect tax collection of the government increased by over 22 per cent in the first 11 months of the current financial year (up to February 2017) and stood at a net Rs7,72,000 crore, official figures released on Friday showed.
Net direct tax collections up to February 2017 stood at Rs6,17,000 crore, showing an increase of 10.7 per cent over the corresponding period of the previous year.
The figures for indirect tax collections, which include central excise, service tax and customs, up to February 2017 stood at Rs7,72,000 crore, which is 22.2 per cent more than the net collections for the corresponding period last year. Till February 2017, about 90.9 per cent of the revised estimates (RE) of indirect taxes for the financial year 2016-17 has been achieved.
Net collection of central excise stood at Rs3,45,000 crore during April-February, 2016-17 compared to Rs2,53,000 crore during the corresponding period of the previous financial year, recording a growth of 36.2 per cent.
Net tax collections on account of service tax during April-February 2016-17 stood at Rs2,21,000 crore compared to Rs1,83,000 crore during the corresponding period of the previous financial year, showing a growth of 20.8 per cent.
Net collections on account of customs duty during April-February 2016-17 stood at Rs2,05,000 crore compared to Rs1,94,000 crore during the comparable period of the previous financial year, recording a growth of 5.2 per cent.
During February 2017, the net indirect tax grew at the rate of 8.4 per cent compared to February last year. The growth rate in net collection for customs, central excise and service tax was 10.9 per cent, 7.4 per cent and 7.6 per cent. Respectively, during February 2017, compared to the corresponding month last year.
The figures for direct tax collections up to February 2017 stood at Rs6,17,000 crore, which was 10.7 per cent more than the net collections for the corresponding period of the previous year. This also accounts for 72.9 per cent of the total budget estimates of direct taxes for the 2016-17 financial year.
Corporate income tax (CIT) showed growth rates of 11.9 per cent in terms of gross revenue collections while collection of personal income tax (PIT), including STT, stands at 20.8%. However, after adjusting for refunds, the net growth in CIT collections is 2.6 per cent while that of PIT collections is 19.5 per cent.
Refunds amounting to Rs1,48,000 crore have been issued during April 2016-February 2017, which is 40.2 per cent higher than the refunds issued during the corresponding period last year.