NEW DELHI, Jan 9:
The direct tax collections from April to December period recorded a growth of 12.01 percent to Rs 5.53-lakh-crore compared to same period previous year while the collections of indirect tax also reported a rise of 25 percent at Rs 6.30-lakh-crore in the period under review.
The figures for Direct Tax collections up to December 2016 show that net collections are at Rs 5.53-lakh-crore which is 12.01 percent more than the net collections for the corresponding period last year, the Finance Ministry said in a statement.
This collection is 65.3 percent of the total Budget Estimates of Direct Taxes for FY 2016-17.
The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to December 2016 registered a growth of 25 per cent at Rs 6.30 lakh crore corresponding period last year.
Till December 2016, about 81 percent of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved. Addressing the mediapersons, Finance Minister Arun Jaitley said, ”From April to December this year the increase in direct tax is 12.01 percent compared to last year and what is more significant is that the indirect tax is 25 percent compared to last year.”
As regards 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 percent while that under PIT (including STT) is 21.7 percent. However, after adjusting for refunds, the net growth in CIT collections is 4.4 percent while that in PIT collections is 24.6 percent.
Refunds amounting to Rs 1,26,371-crore have been issued during April-December, 2016, which is 30.5 percent higher than the refunds issued during the corresponding period last year. As regards of Central Excise, 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, thereby registering a growth of 43 percent. Net Tax collections on account of Service Tax during April-December, 2016 stood at Rs 1.83-lakh-crore as compared to Rs 1.48-lakh-crore during the corresponding period in the previous Financial Year, thereby registering a growth of 23.9 percent.
Net Tax collections on account of Customs during April-December 2016 stood at Rs 1.67 lakh crore as compared to Rs 1.60-lakh-crore during the same period in the previous year, registering a growth of 4.1 percent.