14.60-lakh-crore Tax Col­lec­tion for 2015-16 Beats Re­vised Tar­get

The Economic Times - - Economy - Our Bureau

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.

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