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Direct, indirect tax collections up in April-February
Direct tax collections rose by 10.7 per cent to Rs 6.17 lakh crore while indirect tax collections jumped 22.2 per cent to Rs 7.72 lakh crore during the April-February period of the current fiscal, an official statement said on Friday.
New Delhi: Direct tax collections rose by 10.7 per cent to Rs 6.17 lakh crore while indirect tax collections jumped 22.2 per cent to Rs 7.72 lakh crore during the April-February period of the current fiscal, an official statement said on Friday.
"The figures for direct tax collections up to February 2017, show that net collections are at Rs 6.17 lakh crore, which is 10.7 per cent more than the net collections for the corresponding period last year," said the Finance Ministry in a statement.
The collection up to February 2017 indicates that 72.9 per cent of the annual budget target of direct taxes has been achieved, it said.
Refunds amounting to Rs 1.48 lakh crore have been issued during April-February, which is 40.2 per cent higher than the refunds issued during the corresponding period last year (2016), it added.
On indirect tax collection, the Finance Ministry said: "The figures for indirect tax collections (central excise, service tax and customs) up to February 2017 show that net revenue collections are at Rs 7.72 lakh crore, which is 22.2 per cent more than the net collections for the corresponding period last year."
The collection up to February 2017 indicates that 90.9 per cent of the revised estimates of indirect taxes has been achieved, it added.
The revised estimates for 2016-17 for indirect tax collections of the government are likely to be achieved, domestic rating agency Principal Economist Aditi Nayar said.
"As regards central excise, net tax collections stood at Rs 3.45 lakh crore during April-February 2016-17, as compared to Rs 2.53 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 36.2 per cent," the statement said.
"From February 2017 onward, the favourable impact of the hikes in excise duty on fuels undertaken from November 2015 to January 2016 have dissipated. The pace of growth of excise collections is now expected to reflect a level that is closer to the rise in consumption of fuels, as well as industrial activity in the economy," Nayar said.
Net tax collections on account of service tax during April-February, 2016-17 stood at Rs 2.21 lakh crore as compared to Rs 1.83 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 20.8 per cent, it said.
Net tax collections on account of customs during April-February 2016-17 stood at Rs 2.05 lakh crore as compared to Rs 1.94 lakh crore during the same period in the previous financial year, thereby registering a growth of 5.2 per cent, it added.
