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

India’s freedom struggle was shaped by wider Asian political thought

As we mark 80th anniversary of independence, ‘Asianism and the Fall of Empire’ (HarperCollins India) by historian Mithi Mukherjee offers a new perspective on Ind

What is colonialism? A relook at modern history

The Chromatic World Order: The Fiction That Rules Our World By Sajid Mohamed Aakar Books

Monsoon session of parliament adjourns sine die

The Monsoon Session, 2026 of Parliament which commenced on July 20 was adjourned sine die on Thursday. The session provided 19 sittings spread over a period of 25 days. During the session 11 Bills were introduced in Lok Sabha and 2 Bills were introduced in Rajya Sabha. 12 B

Consumer Justice at a Crossroads

Over the past four decades, India`s consumer protection landscape has undergone a remarkable transformation. What began with the Consumer Protection Act, 1986 as a simple mechanism to empower ordinary citizens has evolved into a comprehensive framework capable of addressing challenges ranging from mislea

Doctors, experts call for ban on junk food ads, mandate warning labels

More than 30 doctors, medical scientists and public health professionals have urged the government to take decisive action against the aggressive advertising and marketing of junk food, calling for a watershed ban on advertisements for foods high in fat, sugar and salt (HFSS) and ultra-processed foods (UPF

Asiatic Lion population rises from 523 in 2015 to 891 in 2025

On World Lion Day 2026, environment, forest and climate change Minister Bhupender Yadav celebrated India’s remarkable journey in lion conservation and reaffirmed the country’s unwavering commitment to protecting wildlife and biodiversity. In a post on soc