Government’s revenue collection in the first 5 months of current fiscal has shown impressive growth, with indirect taxes up 27.5 per cent and direct taxes, 15.03 per cent.
The total direct and indirect tax collections at the end of August stood at Rs 5.25 lakh crore, about a third of the Rs 16.26 lakh crore target for 2016-17.
The government is eyeing 12.64 per cent growth from direct tax to Rs 8.47 lakh crore in the current fiscal, and 10.8 per cent growth to Rs 7.79 lakh crore from indirect tax.
Led by robust collections in personal income tax and excise duty, direct tax mop up touched Rs 1.89 lakh crore and indirect tax revenue stood at Rs 3.36 lakh crore during the April-August period.
Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mop up from excise, service tax and customs duty.
The gross collection of Corporate Income Tax (CIT) grew at 11.55 per cent, while that under personal income tax (PIT) it was 24.06 per cent over the corresponding period last fiscal.
After adjusting for refunds, however, the net growth in CIT collections is (-)1.89 per cent while that in PIT collections is 31.76 per cent.
Excise duty collections grew 48.8 per cent in the April- August period to Rs 1.53 lakh crore, while Service Tax recorded an increase of 23.2 per cent at Rs 92,696 crore.
Customs mop-up during the five month period was at Rs 90,448 crore, registering a growth of 5.7 per cent.
From Agencies, Feature image courtesy shutterstock
