Indirect tax mop up increases to 26.2% in Apr-Nov
The Dollar Business Bureau
The net revenue collection of Government of India saw indirect tax-mop up at an impressive growth rate of 26.2% in April-November period while the direct tax collections came in at 15.12%.
Overall indirect and direct tax collections up to November 2016 stood at Rs.9.64 lakh crore, achieving 59% of the target of Rs.16.26 lakh crore set for the fiscal 2016-17.
The government is expecting 12.64% growth in collections of direct tax at Rs.8.47 lakh crore for the current financial year and 10.8% increase in the indirect tax collections at Rs.7.79 lakh crore.
Indirect tax revenue stood at Rs.5.52 lakh crore and direct tax collections reached Rs.4.12 lakh crore, during April-November period, led by robust collections in excise duty and personal income tax, respectively.
Indirect tax revenue includes mobilisation from service tax, excise, and customs duty while direct tax takes into account personal income tax (PIT) and corporate income tax (CIT).
The gross collection of CIT recorded a growth of 11.22% whereas PIT grew at 22.41% up to November compared to the corresponding period last year.
However, after refunds adjustment, the net growth in the collections of CIT recorded 8.75% growth while PIT witnessed an increase of 23.89% over the corresponding perion last fiscal.
During April-November period, refunds amounting to more than Rs.1.05 lakh crore have been issued, an increase of 17.35% compared to a year-ago.
Excise duty collections recorded an increase of 43.5% during April-November period at Rs.2.43 lakh crore whereas service tax grew at 25.7% and stood at Rs.1.60 lakh crore.
During the given period, customs mop-up was at Rs.1.48 lakh crore, witnessing a growth of 5.6%.