The government's revenue collection from indirect tax during April-February grew by an impressive 22.2 per cent while that of direct tax rose by 10.7 per cent.
The government’s revenue collection from indirect tax during April-February grew by an impressive 22.2 per cent while that of direct tax rose by 10.7 per cent. Total direct and indirect tax collections at February-end stood at Rs 13.89 lakh crore, 81.5 per cent of the target of Rs 16.99 lakh crore, as per the revised estimate for 2016-17. The total direct tax read Rs 6.17 lakh crore and indirect tax mop-up was Rs 7.72 lakh crore, led by robust collections in personal income tax and excise duty, respectively. Collection from excise duty in the first 11 months (April 2016 to February 2017) — a reflection on manufacturing activity — registered a growth of 36.2 per cent at Rs 3.45 lakh crore. Service tax revenues too recorded an increase of 20.8 per cent at Rs 2.21 lakh crore. Customs mop-up came in at Rs 2.05 lakh crore, a growth of 5.2 per cent.
Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mobilisation from excise, service tax and Customs duty.
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The gross collection of corporate income tax (CIT) grew at 11.9 per cent while under personal income tax (PIT), it was 20.8 per cent over the same period last fiscal.
After adjusting for refunds, however, the net growth in CIT collections is 2.6 per cent while under PIT, it is 19.5 per cent. Refunds amounting to over Rs 1.48 lakh crore have been issued during April-February, up 40.2 per cent from a year ago.