Tax growth rate goes up -Governance Now

Tax growth rate goes up

Net personal income tax growth at 21% over last year

GN Bureau | April 4, 2017

#hasmukh adhia #indirect tax #direct tax #income tax

Hasmukh Adhia, revenue secretary

The growth rate of direct as well as indirect taxes have gone up, revenue secretary Hasmukh Adhia said on Tuesday.

Adhia said that net personal income tax growth was at 21% over last year. Also, direct tax growth rate is 14.2% and indirect tax growth rate is 22%.

He said that the total net tax revenue grew at 18% to Rs 17.10 lakh crore, which is highest in last six years.

The revenue department has exceeded the revised tax collections target for 2016-17.

Read: Prevent emergence of tax terrorism: Experts

The total tax revenue targets of the revised estimates for 2016-17 for both direct and indirect taxes was Rs 16.97 lakh crore of which Rs 8.47 lakh crore was for direct tax and Rs 8.5 lakh crore from indirect tax. It may be recalled that the revised estimate figures of 2016-17 was Rs 16.97 lakh crore compared to the budget estimates figures of Rs 16.25 lakh crore in 2016-17. As against the revised estimate, the provisional figure of tax collection is Rs 17.10 lakh crore, which is a growth of around 18% compared to last year.

Direct Taxes

The provisional figures for direct tax collections up to March, 2017 show that net collections are at Rs 8.47 lakh crore which is 14.2% more than the net collections for the corresponding period last year, which is a major increase compared to the growth rate of the previous FY. Net direct tax collections stand at Rs 8.47 lakh crore which shows 100% achievement for FY 2016-17.

Indirect Taxes

The figures for indirect tax collections (Central Excise, Service Tax and Customs) in FY 2016-17 are at Rs 8.63 lakh crore, which is 22.0% higher than the actual revenue receipts in FY 2015-16. Till March 2017, about 101.35% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs 3.83 lakh crore during FY 2016-17 as compared to Rs 2.86 lakh crore in the previous financial year, thereby registering a growth of 33.9%.

Net Tax collections on account of Service Tax during FY 2016-17 stood at Rs 2.54 lakh crore as compared to Rs 2.11 lakh crore in the previous financial year, thereby registering a growth of 20.2%.

Read: One country, one tax from July 1

Comments

Other News

Bharatiya Bhasha Utsav, Technology & Bharatiya Bhasha Summit launched

Union Minister for Education and Skill Development & Entrepreneurship Dharmendra Pradhan Saturday launched the Bharatiya Bhasha Utsav and inaugurated the two-day Technology & Bharatiya Bhasha Summit in New Delhi. The summit aims to facilitate a seamless transition from the current education ecosyst

India retains 40th rank in the Global Innovation Index 2023

India has retained the 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by the World Intellectual Property Organization. India has been on a rising trajectory, over the past several years in the Global Innovation Index (GII), from a rank of 81 in 2015 to 40 in 2023. Inn

Vibrant Gujarat not just about branding, also an event of bonding: Modi

Prime minister Narendra Modi addressed the programme marking 20 years celebration of the Vibrant Gujarat Global Summit at Science City in Ahmedabad on Wednesday. The Vibrant Gujarat Global Summit was started 20 years ago, on September 28, 2003, under the leadership of Modi, then chief minis

AI in education: How to embrace the change (and why)

It is often said that industry is at 4.0 and education is at 2.0. To transform education in line with artificial intelligence (AI), it is imperative to adopt what companies like Google are doing. We must learn to grow along with AI as AI is going to grow. There is a need to evolve the mindsets of educators

Diamonds are Forever: A Saturday story

Saturday Stories By Rashmi Bansal HarperCollins, 176 pages, Rs 250 From the bestselling author of ‘Stay Hu

Oracle Adds AI Capabilities to Oracle Analytics Cloud

Oracle has showcased new AI-powered capabilities within Oracle Analytics Cloud. Leveraging the Oracle Cloud Infrastructure (OCI) Generative AI service, the new capabilities assist analytics self-service users to more quickly and efficiently conduct sophisticated analysis and make better business decisions