14.60-lakh-crore Tax Collection for 2015-16 Beats Revised Target
New Delhi: The government has achieved its tax revenue target for 2015-16, doing marginally better than even the upward revised estimates in the budget. Total tax collection during the financial year is pegged at .₹ 14.60 lakh crore, which compares favourably with the revised target of .₹ 14.55 lakh crore.
The budget for 2015-16 had provided for a tax collection of .₹ 14.5 lakh crore. “The total collection has exceeded the RE (revised estimate) and represents a growth of 17.6% compared to the last financial year,” the finance ministry said in a statement. The indirect tax collections added to .₹ 7.11 lakh crore, .₹ 65,618 crore and .₹ 9,885 crore more than budget and revised estimates respectively.
Increase in duties on oil and higher service tax boosted indirect tax collection 31.1% over receipts in 2014-15, making up for the marginal shortfall in direct tax collections. Direct tax collections were pegged at .₹ 7.48 lakh crore, compared to the RE of .₹ 7.52 lakh crore, a 7.61% rise over receipts in 2014-15.