Net direct tax collections in April-September 2016 recorded a growth of 8.95 per cent, rising to Rs 3.27 lakh crore, accounting for 38.65 per cent of the Budget estimates of direct taxes for 2016-17 (April-March). Net indirect tax mop-up during the first six months of the current financial year grew 25.9 per cent to Rs 4.08 lakh crore mainly on account of 46 per cent jump in excise duty collections, finance ministry data showed.
Refunds for direct taxes sharply increased by 26.99 per cent during April-September to Rs 86,491 crore. The increase in refunds was reflected in corresponding decrease in net growth of corporate tax.
“…in terms of gross revenue collections, the growth rate under corporate income tax is 9.54 per cent while that under personal income tax (including STT etc.) is 16.85 per cent. However, after adjusting for refunds, the net growth in corporate income tax collections is 2.56 per cent while that in personal income tax collections is 18.60 per cent,” the finance ministry statement said.
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Advance tax collections grew 12.12 per cent in April-September to Rs 1.58 lakh crore, with growth in corporate advance tax at 8.14 per cent against 44.5 per cent in personal advance tax collections. “The high growth rate in personal advance tax is also due to the fact that as against 30 per cent of annual advance tax which was payable till September instalment in earlier years, from this financial year, 45 per cent of the annual advance tax liability is to be paid by September,” the statement said.
The net indirect tax mop-up in April-September accounted for 52.5 per cent of the 2016-17 Budget Estimate. Net central excise collections jumped 46.3 per cent to Rs 1.83 lakh crore during April-September, against Rs 1.25 lakh crore in the year-ago period.
Net service tax mop up during April-September grew 22.1 per cent to Rs 1.16 lakh crore, compared to Rs 95,780 crore during the six-month period of last fiscal.Net customs duty collection during the six month period of 2016-17 stood at Rs 1.08 lakh crore as compared with Rs 1.03 lakh crore, registering a growth of 4.8 per cent.
Net customs duty collection during the six month period of 2016-17 stood at Rs 1.08 lakh crore as compared with Rs 1.03 lakh crore, registering a growth of 4.8 per cent.In 2016-17, the Centre has pegged the direct taxes collection at Rs 8.47 lakh crore and Rs 7.79 lakh crore from indirect taxes, including customs, excise and service tax.
In 2016-17, the Centre has pegged the direct taxes collection at Rs 8.47 lakh crore and Rs 7.79 lakh crore from indirect taxes, including customs, excise and service tax.