The government’s revenue collection during April-February of current fiscal year has shown a healthy growth, indirect tax collection surged by 22.2 percent at Rs 7.72 lakh crore on the back of robust collection in excise duty mop-up, while that of direct tax the rise was 10.7 percent to Rs 6.17 lakh crore led by increase in personal income tax. Total direct and indirect tax collections at the end of February stood at Rs 13.89 lakh crore, 81.5 percent of the target of Rs 16.99 lakh crore, as per the revised estimate for 2016-17.
In indirect tax collections, central excise collections during April-February jumped 36.2 percent to Rs 3.45 lakh crore as compared to Rs 2.53 lakh crore during the corresponding period in the previous financial year. Service tax collations in the same period clocked a growth of 20.8 percent to Rs 2.21 lakh crore as compared to Rs 1.83 lakh crore year-on-year bases. 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 year, thereby registering a growth of 5.2 percent. The net indirect tax collection till February 2017, achieved 90.9 percent of the Revised Estimates (RE) for FY17.
On the direct tax front, the gross collection of corporate income tax (CIT) grew at 11.9 percent, while under personal income tax (PIT) it was 20.8 percent over the corresponding period last fiscal. However, after adjusting for refunds, the net growth in CIT collections is 2.6 percent, while that in PIT collections is 19.5 percent. Refunds amounting to Rs 1.48 lakh crore have been issued during April 2016- February 2017, up 40.2 percent from a year ago period. Direct tax collection in 11 months of current financial year accounted for 72.9 percent of the total Budget Estimates FY17.