Govt’s indirect tax collections up 26% in H1 at Rs4,08,000 cr
12 Oct 2016
The government's revenue collection in the first half of the current fiscal (April-September 2016-17) saw an impressive 26 per cent growth in indirect tax collections while direct tax mop-up increased at a slower pace of 9 per cent.
Net indirect tax revenue collections up to September 2016 show an increase of 25.9 per cent at Rs4,08,000 crore, which is 52.5 per cent of the budget estimates of indirect taxes for the financial year 2016-17.
The total direct and indirect tax collections at the end of September stood at Rs7,35,000 crore, less than half the Rs16,26,000 crore targeted for 2016-17. The government expects direct tax collections to grow 12.64 per cent to Rs8,47,000 crore and indirect tax mop-up to grow 10.8 per cent to Rs7,79,000 crore during the fiscal.
Indirect taxes include central excise, service tax and customs.
Net collection of central excise stood at Rs1,83,000 crore during April-September 2016 compared to Rs1,25,000 crore during the corresponding period of the previous financial year, thereby registering a growth of 46.3 per cent.
Net tax collections on account of service tax during April-September 2016 stood at Rs1,16,975 crore against Rs95,780 crore during the corresponding period of the previous financial year, thereby registering a growth of 22.1 per cent.
Net collection of customs duty during April-September 2016 stood at Rs1,08,000 crore against Rs1,03,000 crore during the same period in the previous financial year, thereby recording a growth of 4.8 per cent.
Direct tax collections touched Rs3,27,000 crore during April-September, led by robust collections in personal income tax. Direct taxes include corporate and personal income tax.
The gross collection of corporate income tax (CIT) grew at 9.54 per cent while personal income tax (PIT) grew at 16.85 per cent over the corresponding period last fiscal.
After adjusting for refunds, however, net growth in CIT collections is 2.56 per cent while under PIT, it is 18.60 per cent. Refunds amounting to Rs86,491 crore have been issued during April-September 2016, up 26.99 per cent from a year ago.
Till September 2016, advance tax collections have reached Rs1,58,000 crore, a growth rate of 12.12 per cent. Excise duty collections clocked a growth of 46.3 per cent in April-September at Rs1,83,000 crore while service tax recorded an increase of 22.1 per cent at Rs1,16,000 crore. Customs mop-up during the 6-month period stood at Rs1,08,000 crore, registering a growth of 4.8 per cent.
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