Govt exceeds 2016-17 tax target, highest in last 6 yrs

The total tax revenue target of the revised estimates for 2016-17 for both direct, indirect taxes was pegged at `16.97 lakh cr, says Fin Min

The central government on Tuesday reported a total tax collection of Rs 17.10 lakh crore during 2016-17 -- an increase of 18 per cent over 2015-16. "Total net tax revenue grows at 18 per cent to Rs 17.10 lakh crore, highest in last six years," tweeted Hasmukh Adhia, Revenue Secretary in the Ministry of Finance.

"Direct tax growth rate is 14.2 per cent and indirect tax growth rate is 22 per cent. Net personal income tax growth at 21 per cent over last year."

According to the Ministry of Finance, the total tax revenue target of the revised estimates for 2016-17 for both direct and indirect taxes was pegged at Rs 16.97 lakh crore.

"As against the revised estimate, the provisional figure of tax collection is Rs 17.10 lakh crore, which is a growth of around 18 per cent compared to last year," the ministry said in a statement. The ministry pointed out that direct tax collections till March, 2017 stood at Rs 8.47 lakh crore, representing a growth of 14.2 per cent from the net collections during the corresponding period of 2015-16.

"Net direct tax collections stand at Rs 8.47 lakh crore which shows 100 per cent achievement for FY 201617," the statement said.

Besides, the ministry reported higher collection under the Corporate Income Tax (CIT) and Personal Income Tax (PIT) categories, reports IANS.

"In terms of gross revenue collections, the growth rate under CIT is 13.1 per cent, while that under PIT (including STT) is 18.4 per cent," the statement said.

"However, after adjusting for refunds, the net growth in CIT collections is 6.7 per cent, while that in PIT collections is 21 per cent."

The ministry informed that refunds amounting to Rs 1.62 lakh crore have been issued during April 2016 March 2017, which showed a rise of 32.6 per cent over the refunds issued during FY 2015-16.

In addition, the ministry disclosed that indirect tax collections, which include central excise, service tax and customs, rose by 22 per cent to Rs 8.63 lakh crore.

"Till March 2017, 101.35 per cent of the revised estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved," the statement said.

"As regards central excise, net tax collections stood at Rs 3.83 lakh crore during FY 2016-17 as compared to Rs 2.86 lakh crore in the previous financial year, thereby registering a growth of 33.9 per cent," the statement said.

Similarly, service tax collection during FY 2016-17 rose by 20.2 per cent to Rs 2.54 lakh crore as compared to Rs 2.11 lakh crore in the previous financial year.

"Net tax collections on account of customs during FY 2016-17 stood at Rs 2.26 lakh crore as compared to Rs 2.10 lakh crore in the previous financial year, thereby registering a growth of 7.4 per cent," the statement added.