Economy

Centre’s tax collections rise 18 per cent in FY 17

Our Bureau New Delhi | Updated on January 15, 2018 Published on April 04, 2017

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₹17.10 lakh crore mopped up; exceeds revised target of ₹16.97 lakh crore

Direct tax collections in fiscal 2016-17 stood at ₹8.47 lakh crore, 14.2 per cent more than the net collections last year.

Indirect tax collections (Central Excise, service tax and Customs) in FY17 came in at ₹8.63 lakh crore, 22 per cent more than the actual revenue receipts in 2015-16.

The total tax revenue target in the revised estimates for 2016-17, for both direct and indirect taxes, was ₹16.97 lakh crore, a Finance Ministry statement said, adding that this was higher than the government’s budgeted estimate of ₹16.25 lakh crore for the fiscal.

The tax income to the government stood at ₹17.10 lakh crore, beating the revised target of last year by 18 per cent.

In terms of gross revenue collections, the growth in corporate tax was 13.1 per cent and in personal income tax (including securities transaction tax), 18.4 per cent. However, after adjusting for refunds, the net growth in corporate tax collections stood at 6.7 per cent and personal income-tax, 21 per cent .

Refunds amounting to ₹1.62 lakh crore were issued during April-March 2017, 32.6 per cent higher than those issued in 2015-16.

As regards Central Excise, net tax collections rose to ₹3.83 lakh crore in 2016-17 from ₹2.86 lakh crore in the previous financial year, a growth of 33.9 per cent.

Net service tax collections in FY17 rose 20.2 per cent to ₹2.54 lakh crore from ₹2.11 lakh crore in FY16.

Net Customs duty collections in FY17 came in at ₹2.26 lakh crore against ₹2.10 lakh crore in FY16, registering a growth of 7.4 per cent.



Published on April 04, 2017
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