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  1. Indirect tax collections grow 25.9%, direct up by 8.95%

Indirect tax collections grow 25.9%, direct up by 8.95%

The indirect tax collections, which comprise central excise, service tax and customs, have shown a heathy growth of 25.9% till September 2016 at R4.08 lakh crore against the same period last year.

By: | New Delhi | Updated: October 11, 2016 7:52 AM
Finance minister Arun Jaitley has pegged collection from indirect taxes in the current financial year at Rs 7.79 lakh crore.

Finance minister Arun Jaitley has pegged collection from indirect taxes in the current financial year at Rs 7.79 lakh crore.

The indirect tax collections, which comprise central excise, service tax and customs, have shown a heathy growth of 25.9% till September 2016 at R4.08 lakh crore against the same period last year.

Till September, 52.5% of the budget estimates of indirect taxes for 2016-17 have been achieved, said a finance ministry statement.

Finance minister Arun Jaitley has pegged collection from indirect taxes in the current financial year at Rs 7.79 lakh crore.

The net central excise collections stood at R1.83 lakh crore during April-September, 2016 as compared to R1.25 lakh crore during the corresponding period in the previous year, a growth of 46.3%.

At the same time, net service tax collections during April-September, 2016 stood at R1,16,975 crore as compared to R95,780 crore during the corresponding period last year, a growth of 22.1%.

For customs, the net collection during April-September 2016 is recorded at R1.08 lakh crore as compared to R1.03 lakh crore during the same period in the previous Year, a growth of 4.8%.

Net direct tax collections during April-September FY17 stood at  R3.27 lakh crore, 8.95% higher than the corresponding period last year. Till September, 2016, 38.65% of the budget estimates of direct taxes for FY17 has been achieved, the finance ministry said.

The corporate income tax has seen a growth of 9.54% in this period, while personal income tax saw a rise of 16.85% on a gross basis. However, after adjusting for refunds, the net growth in corporate income tax is 2.56% while that in personal income tax stands at 18.6%.

Refunds to the tune of R86,491 crore have been issued during April-September, 2016, which is 26.99% higher than the refunds issued during the corresponding period last year.

Till September, 2016, advance tax collections have reached R1.58 lakh crore showing a growth rate of 12.12%. The growth in corporate advance tax is 8.14% as against 44.5% in personal advance tax collections. The high growth rate in personal income tax is also due to the fact that as against 30% of annual advance tax which was payable till September instalment in earlier years, from this financial year, 45% of the annual advance tax liability is to be paid by September.

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