Helped by buoyancy in indirect taxes, the government managed to surpass the total tax collection target for 2015-16 by Rs 5,000 crore at Rs 14.60 lakh crore.
In the revised estimates, presented by Finance Minister Arun Jaitley in the Budget for 2016-17, the tax collection was pegged at Rs 14.55 lakh crore, higher than the original Budget estimate of Rs 14.45 lakh crore.
While indirect taxes collections have exceeded revised estimates (RE) by Rs 9,885 crore, direct tax realisations fell short by Rs 4,000 crore over the RE.
“The actual collection (provisional) is Rs 14.60 lakh crore. The total collection has exceeded the RE and represents a growth of 17.6 per cent compared with the last financial year,” a finance ministry statement said.
The indirect tax revenues worked out to Rs 7.11 lakh crore and direct tax collection came in at Rs 7.48 lakh crore.
The indirect tax revenue exceeded budget estimates (BE) for 2015-16 by Rs 65,618 crore and the RE by Rs 9,885 crore. The collection represents a growth of 31.1 per cent over 2014-15.
The direct tax collection, however, is lower than the RE of Rs 7.52 lakh crore. The realisation was 7.61 per cent higher than 2014-15 receipts.