Bundles of Indian one hundred rupee bills are pictured at a bank in Mumbai (Photographer: Abhijit Bhatlekar/Bloomberg News)
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.
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