India’s April-July indirect tax collections up nearly 30% at Rs2,71,719 cr

Indirect tax collections in India for the first four months of the current financial year (April-July 2016-17) increased by 29.9 per cent year-on-year to Rs2,71,719 crore while direct tax mop-up increased at 24.01 per cent to Rs1,59,000 crore, preliminary estimates released by the finance ministry showed.

India's indirect tax kitty swelled to in April-July 2016-17 with net revenue collections of Rs2,71,719 crore aagainst Rs2,09,217 crore in the corresponding period last year, recording an increase of 29.9 per cent over the corresponding period.

The four-month collections add up to 34.9 per cent of the budget estimates of indirect taxes for FY 2016-17 achieved till July 2016.

Tax collections on account of central excise stood at Rs31,782 crore in July 2016 against Rs20,658 crore during the same period in last year (July 2015) there by posting a growth of 53.8 per cent in this period.

Total collections of central excise duty during the first four months of current fiscal (April-July 2016-17) stood at Rs1,23,273 crore against Rs81,748 crore during the same period in the previous financial year, thereby recording a growth of 50.8 per cent.

Service tax collections in July stood at Rs19,600 crore in against Rs15,685 crore during the same month in last year (July 2015), thereby posting a growth of 25 per cent during the month. Total service tax collections during the first four months of the current fiscal (April -July 2016-17) stood at Rs7,66,79 crore against Rs60,974 crore during the same period last fiscal, recording a growth of 25.8 per cent.

Customs duty collections stood at Rs16,959 crore in July 2016 against Rs19,045 crore during the same period last year (July 2015), showing a decline of 11 per cent. Total collections on account of customs duty during the first four months of FY 2016-17 (April-July) stood at Rs71,767 crore compared to Rs66,495 crore during the same period in last financial year, thereby recording growth rate of 7.9 per cent.

Direct tax collections in April-July 2016-17 indicate net revenue collections of Rs1,59,000 crore - an increase of 24.01 per cent over the corresponding period last year and adding up to 18.82 per cent of the budget estimates of direct taxes for FY 2016-17 achieved till July 2016.

Refunds amounting to Rs64,181 crore have been issued during April-July 2016, which is 10.43 per cent higher than the refunds issued during the corresponding period last year.

Corporate income tax (CIT) and personal income tax (PIT), in terms of gross revenue collections, showed growth rates of 11.65 per cent, 31.47 per cent and 2.84 per cent, respectively. However, after adjusting for refunds, the net growth in CIT collections stood 2.84 per cent while PIT collections showed net growth of  46.55 per cent.

Refunds amounting to Rs64,181 crore have been issued during April-July 2016, which is 10.43 per cent higher than the refunds issued during the corresponding period last year.