India's indirect tax collections grew 25 percent in the first three quarters of financial year 2017, compared to the same period last year, said Finance Minister Arun Jaitley.
This data was keenly awaited as it factors in the impact of demonetisation on the economy, specially the manufacturing and services sectors, which are expected to bear the brunt of the cash crunch.
Direct tax collections over the April-December period rose 12.01 percent compared to the same period last year. Gross revenue collections for corporate income tax stood at 10.7 percent year-on-year while personal income tax including securities transaction tax was at 21.7 percent compared to the year ago period.
Indirect tax collections in December grew 12.8 percent compared to the previous month in 2016. Advance tax collections stood at Rs 2.82 lakh crore, a growth 14.4 percent compared to the previous year.
Segmental Breakup
Out of the 25 percent rise in indirect taxes, collection of central excise increased by 43 percent as compared to the April-December period in 2015.
While collection of service tax grew 23.9 percent, customs duty rose by 4.1 percent, again year-on-year.
A decline in the import of gold in the month of December saw customs duty fall by as much as 6.3 percent for the month as compared to the corresponding month last year.
Indirect tax collections rose 14 percent in December 2016 as compared to the corresponding month in 2015.
The Finance Minister also added that there has been an increase in the collection of value added tax for December 2016 in ‘well-administered' states.
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