26% Increase in Indirect Taxes Collection
THE figures for indirect tax collections (Central Excise, Service Tax and Customs) up to September 2016 show that net revenue collections are at Rs 4.08 lakh crore which is 25.9% more than the net collections for the corresponding period last year. Till September 2016, 52.5% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.
As regards Central Excise, net tax collections stood at Rs.1.83 lakh crore during April-September, 2016 as compared to Rs.1.25 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 46.3%.
Net Tax collections on account of Service Tax during April-September, 2016 stood at Rs.1,16,975 crore as compared to Rs. 95,780 crore during the corresponding period in the previous Financial Year, thereby registering a growth of 22.1%.
Net Tax collections on account of Customs during April-September 2016 stood at Rs. 1.08 lakh crore as compared to Rs. 1.03 lakh crore during the same period in the previous Financial Year,thereby registering a growth of 4.8%.
Direct Tax Collections upto Sep,16 up by 8.95%,with net collection of Rs3.27lakh crore. Growth rate for Corporate Income Tax (CIT) is 9.54% while that for Personal Income Tax (PIT) is 16.85% in terms of gross revenue collections. Refunds amounting to Rs.86,491 crore have been issued during Apr-Sep 2016, which is 26.99% higher than the corresponding period last year.