Government Surpasses Revised Tax Collection Target

The Revenue Department exceeded the revised tax collection target for the financial year 2016-17 driven by better-than-expected indirect tax revenue.

The government's tax collections rose around 18 percent to Rs 17.10 lakh crore on a provisional basis, the Finance Ministry said in a press release. The tax collection target had been revised upwards to Rs 16.97 lakh crore from the Budget estimates of Rs 16.25 lakh crore.

Direct Taxes

• Collections increased 14.2 percent to Rs 8.47 lakh crore compared to the financial year 2015-16. The government achieved its target on this front.
• Corporate Income Tax revenue grew 6.7 percent, after adjusting for refunds.
• Personal Income Tax revenue rose 21 percent, net of refunds.
• The department issued refunds amounting to Rs 1.62 lakh crore, which represents a 32.6 percent increase.

Indirect Taxes

• Receipts from Indirect Taxes, which includes Central Excise, Service Tax, and Customs, stood at Rs 8.63 lakh crore, an increase of 22 percent compared to the financial year 2015-16.
• The indirect tax collections reached 101.35 percent of the government's revised estimates.
• Central Excise collections jumped 33.9 percent to Rs 3.83 lakh crore.
• Service Tax receipts rose 20.2 percent to Rs 2.54 lakh crore.
• Customs collections increased 7.4 percent to Rs 2.26 lakh crore.