Indirect tax collections up over 27%; at Rs 3.36 lakh crore till August
Indirect tax collections for the current fiscal up to August 31, 2016 has increased 27.5% to Rs 3.36 lakh crore. This is nearly half of the Budget Estimates (BE) of indirect taxes for Financial Year 2016-17 Ministry of Finance said.
“The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to August 2016 show that net revenue collections are at Rs 3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved,” Ministry of Finance stated.
Central Excise collections grew 48.8% as compared to the same period last year. The net collections stood at Rs 1.53 lakh crore in the first four months of the financial year i.e. during April-August 2016 as compared to Rs 1.03 lakh crore during the corresponding period in the previous Financial Year.
Service tax collections for FY17 stood at Rs 92,696 crore as compared to Rs 75,219 crore during the corresponding period in the previous Financial Year, thereby registering a growth of 23.2%.
Net Tax collections on account of Customs during April-August 2016 stood at Rs 90,448 crore as compared to Rs 85,557 crore during the same period in the previous Financial Year, thereby registering a growth of 5.7%.