Services tax: government exceeds fiscal collection target for fiscal year 17 to Rs 17.10 lakh crore
The revised estimates (RE) provided in the February 1 budget forecast tax collections of Rs 16.97 lakh crore.
The Ministry of Finance, in a statement, said tax collection of Rs 17.10 lakh crore represents growth of around 18% over last year.
Revenue Secretary Hasmukh Adhia said: “Total net tax revenue increases 18% to Rs 17.10 lakh crore, the highest in the past 6 years.”
While the direct tax grab during the April-March period increased 14.2 percent to Rs 8.47 lakh crore, the indirect tax pot swelled 22 percent from last year to Rs 8.63 lakh crore.
Net direct tax collections at Rs 8.47 lakh crore show 100% achievement for RE from 2016-17.
The collection of indirect taxes until March 2017 is 101.35% of the RE for the 2016-17 financial year. The RE was pegged at Rs 8.5 lakh crore.
In terms of gross revenue collected, the growth rate of corporate tax was 13.1 percent while that of personal income tax was 18.4 percent.
However, after adjusting for refunds, the net growth in corporate tax collections is 6.7% while that of personal computer collections is 21%.
Refunds amounting to Rs 1.62 lakh crore were issued from April 2016 to March 2017, 32.6% more than the refunds issued during the 2015-2016 fiscal year, the statement added.
As for indirect taxes, central excise collections increased by 33.9% to reach Rs 3.83 lakh crore in 2016-17.
The service tax increased by 20.2% to Rs 2.54 lakh crore, while customs levies increased by 7.4% to Rs 2.26 lakh crore.