The Government’s revenue collection during April-January, 2016-17 has shown healthy growth, indirect tax collection jumped 23.9 percent to Rs 7.03 lakh crore on the back of robust central excise mop-up, while direct tax collection rose by 10.79 percent to Rs 5.82 lakh crore. The total direct and indirect tax collections at the end of January stood at Rs 12.85 lakh crore, more than half the Rs 16.26 lakh crore target for 2016-17.
In Indirect tax collections, Central Excise collections during April-January, 2016-17 climbed 40.5 percent to Rs 3.13 lakh crore as compared to Rs 2.23 lakh crore during the corresponding period in the previous year. Service Tax collections in the same period rose 22 percent to Rs 2.03 lakh crore as compared to Rs 1.66 lakh crore during the same period of previous year. Net Tax collections on account of Customs during April-January 2016-17 stood at Rs 1.86 lakh crore as compared to Rs 1.77 lakh crore in the same period a year ago, registering a growth of 4.7 percent. Till January 2017, about 82.8 percent of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.
On the direct tax front, it includes corporate and personal income tax. The gross collection of corporate income tax (CIT) grew at 11.7 percent, while under personal income tax (PIT), it was 21 percent over the corresponding period last fiscal. After adjusting for refunds, however, the net growth in CIT collections is 2.9 percent while under PIT, it is 23.1 percent. Refunds amounting to over Rs 1.41 lakh crore have been issued during April-January, up 41 percent from a year ago. Direct tax collections till January 2017, are 68.7 percent of the total Budget Estimates for FY 2016-17.