Revenue is Booming
Direct Taxes Collection up by 24%:
Direct Taxes collections up to July 2016 stood at Rs.1.59 lakh crore which is 24.01% more than the net collections for the corresponding period last year. The growth rate under CIT (Corporate Income Tax) is 11.65% while that under PIT (Personal Income Tax) is 31.47%. However, after adjusting for refunds, the net growth in CIT collections is 2.84% while that in PIT collections is 46.55%. Refunds amounting to Rs.64,181 crore have been issued during April-July, 2016.
Indirect Taxes Collection up by 30%:
Indirect Taxes collections up to July 2016 stood at Rs.2.72 lakh crore which is 29.9% more than the net collections for the corresponding period last year.
Total collections on account of Central Excise during the first four months of current FY 2016-17(April 2016-July 2016) stood at Rs.1,23,273 crore as compared to Rs. 81,748 crore during the same period in last Financial Year and thereby registering the growth of 50.8%.
Total collections on account of Service Tax during the first four months of current FY 2016-17(April 2016-July 2016) stood at Rs.76,679 crore as compared to Rs. 60,974 crore during the same period in last Financial Year and thereby registering the growth of 25.8%.
Total collections on account of Customs during the first four months of current FY 2016-17 (April 2016-July 2016) stood at Rs. 71,767 crore as compared to Rs. 66,495 crore during the same period in last Financial Year and thereby registering the growth of 7.9%.