Direct, indirect tax collected rises during April-Dec 2016
The Dollar Business Bureau
The Direct tax and Indirect tax collection figures for the period between April 2016 to December 2016 have shown a positive trend as the former grew by 12.01% while the latter showed an increase of 25% over the corresponding period last year i.e. April-December 2015.
As per figures for Direct Tax collections up to December 2016, the net collections stood at Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding of the previous year. This collection is 65.3% of the total budget estimates of direct taxes for financial year 2016-17.
Speaking about the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 10.7% while that under PIT (including STT) is 21.7%. But the net growth in CIT collections came out as 4.4% while that in PIT collections stood at 24.6% after adjusting for refunds.
It should be noted that refunds amounting to Rs.1,26,371 crore were issued during April-December 2016, which is 30.5%higher than the refunds issued during the corresponding period last year.
Talking about the figures for indirect tax collections (Central Excise, Service Tax and Customs) up to December 2016, it shows that the net revenue collections are at Rs 6.30 lakh crore, which is 25% more than the net collections for the corresponding period last year. Till December 2016, about 81% of the budget estimates of indirect taxes for financial year 2016-17 have been achieved.
With respect to Central Excise, the net tax collections stood at Rs. 2.79 lakh crore during April-December 2016 as compared to Rs.1.95 lakh crore during the corresponding period in the previous financial year, thus reflecting a growth of 43%.