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The Centre’s indirect tax collections grew by 26.2 per cent during April-November while mop-up from direct taxes increased by 15.12 per cent in the same period, the finance ministry said in a statement on Friday. The data shows that till November the government has collected 48.67 per cent of the Budget Estimates of direct taxes and 71.1 per cent of the Budget Estimates of indirect taxes for the full year 2016-17.
Total tax collections at the end of November stood at Rs 9.64 lakh crore, 59 per cent of the Rs 16.26 lakh crore target for 2016-17. The government is expecting 12.64 per cent growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8 per cent in indirect tax at Rs 7.79 lakh crore.
Direct tax collections are expected to surpass estimates this year on account of tax mop-up through the Income Declaration Scheme, and the tax and penalties that will be collected on illicit deposits resulting from the withdrawal of old notes of Rs 500 and Rs 1,000. Direct tax mop-up touched Rs 4.12 lakh crore and indirect tax revenue stood at Rs 5.52 lakh crore during April-November, led by robust collections in personal income tax and excise duty, respectively.
Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mobilisation from excise, service tax and Customs duty.
The gross collection of corporate income tax (CIT) grew at 11.22 per cent while under personal income tax (PIT), it was 22.41 per cent over the corresponding period last fiscal. Personal income tax includes collections from Securities Transactions Tax. Excise duty collections clocked a growth of 43.5 per cent in April-November while service tax recorded an increase of 25.7 per cent. As regards Central Excise, net tax collections stood at Rs. 2.43 lakh crore in April-November as compared to Rs 1.69 lakh crore during the same period last FY.