Indirect tax collection grows 17% in January 2017, Hasmukh Adhia says
India's revenue secretary Hasmukh Adhhia in New Delhi on Friday said that tax collections (direct and indirect) continue to show consistent trend of healthy growth. He said that indirect tax collections for the current fiscal year up to January 2017 grew 16.9% and direct tax collections saw 10.79% rise.
Growth rate in net collections for Customs, Central Excise and Service Tax at the rate of 10.1%, 26.3% and 9.4% respectively, government statement said, adding, "The Tax Collection figures up to January 2017 show consistent trend of healthy growth. Following are the details of the Direct and Indirect Tax Collections for the month of January 2017 and upto the month of January 2017 and they show a positive growth."
The statement said that indirect tax collections up to January 2017 stood at Rs 7.03 lakh crore, up 23.9% as against the same period of last year. "Till January 2017, about82.8% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved," it said.
For Central Excise, net tax collections stood at Rs. 3.13 lakh crore during April-January, 2016-17 as compared to Rs.2.23 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 40.5%.
Net Tax collections on account of Service Tax during April-January, 2016-17 stood at Rs. 2.03 lakh crore as compared to Rs.1.66 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 22.0%.
Net Tax collections on account of Customs during April-January 2016-17 stood at Rs. 1.86 lakh crore as compared to Rs. 1.77 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 4.7%.
Direct tax collections for the given period stood at Rs 5.82 lakh crore, a rise of 10.79% and 68.7% of the total Budget Estimates of Direct Taxes for F.Y. 2016-17.
"As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.7% while that under PIT (including STT) is 21.0%," it said.
"However, after adjusting for refunds, the net growth in CIT collections is 2.9% while that in PIT collections is 23.1%. Refunds amounting to Rs.1.41 lakh crore have been issued during April 2016-January 2017, which is 41.0% higher than the refunds issued during the corresponding period last year," government said.