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
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.
 
 
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%.
 

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