Tax Col­lec­tions Show Healthy Growth in Jan, on Track to Meet Tar­get

The Economic Times - - Economy: Macro, Micro & More - Our Bureau

New Delhi: In­dia’s tax col­lec­tions con­tin­ued to grow at a healthy rate in Jan­uary, sug­gest­ing that the gov­ern­ment is on track to achieve its re­vised tax tar­get for the cur­rent fis­cal.

The gov­ern­ment’s net in­di­rect tax col­lec­tions grew16.9% year on year in Jan­uary, with cus­toms, cen­tral ex­cise and ser­vice tax col­lec­tions grow­ing 10.1%, 26.3% and 9.4%, re­spec­tively, a fi­nance min­istry state­ment said on Fri­day. “While the growth re­mains healthy, there has been a slow­down in the pace of ex­pan­sion of ex­cise duty and ser­vice tax col­lec­tions in Jan­uary 2017 com­pared to the nine months end­ing De­cem­ber 2016," said Aditi Na­yar, prin­ci­pal econ­o­mist at rat­ings agency ICRA. “Nev­er­the­less, the re­vised es­ti­mates for FY2017 for in­di­rect tax col­lec­tions of the GoI (Gov­ern­ment of In­dia) are likely to be achieved,” she said.

Net in­di­rect tax col­lec­tions in the first 10 months of this fis­cal stood at .₹ 7.03 lakh crore, which is 23.9% more than the net col­lec­tions a year ago. The gov­ern­ment has tar­geted gross tax rev­enues of .₹ 17.03 lakh crore for 2016-17.

Di­rect tax col­lec­tions for the cur­rent fis­cal up to Jan­uary have grown10.8% year on year at .₹ 5.82 lakh crore. Cor­po­rate in­come tax grew by 11.7%, while per­sonal in­come tax by 21.0%.

How­ever, af­ter ad­just­ing for re­funds, the net growth in cor­po­rate in­come tax col­lec­tions in the first 10 months of the fis­cal is 2.9% while net per­sonal in­come tax col­lec­tions have grown 23.1%.

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