BUSINESS

Government Exceeds 2016-17 Tax Collection Target At ₹17.1 Lakh Crore

"Total net tax revenue grows at 18 percent to ₹17.10 lakh crore, highest in last 6 years."

04/04/2017 6:51 PM IST | Updated 04/04/2017 7:02 PM IST
Hindustan Times via Getty Images

NEW DELHI -- The government has exceeded the tax collection estimates for 2016-17 fiscal at ₹17.10 lakh crore.

The revised estimates (RE) provided in Budget on 1 February had projected tax collections of ₹16.97 lakh crore.

The Finance Ministry in a statement said that tax collection of ₹17.10 lakh crore is a growth of around 18 percent compared to last year.

Revenue Secretary Hasmukh Adhia said, "Total net tax revenue grows at 18 percent to ₹17.10 lakh crore, highest in last 6 years."

While direct tax mop up during the April-March period grew 14.2 percent at ₹8.47 lakh crore, indirect tax kitty swelled by 22 percent over last year to Rs 8.63 lakh crore.

Net direct tax collections at ₹8.47 lakh crore shows 100 percent achievement for RE of 2016-17.

Indirect tax collection till March 2017 is 101.35 per cent of the RE for 2016-17 fiscal. The RE was pegged at ₹8.5 lakh crore.

In terms of gross revenue collections, the growth rate in corporate tax was 13.1 percent while that of personal income tax was 18.4 percent.

However, after adjusting for refunds, the net growth in corporate tax collections is 6.7 percent while that of personal I-T collections is 21 percent.

Refunds amounting to ₹1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6 percent higher than the refunds issued during FY 2015-16, the statement added.

As regard indirect taxes, Central Excise collections grew 33.9 percent to ₹3.83 lakh crore during 2016-17.

Service tax mop up rose 20.2 percent to ₹2.54 lakh crore, while customs collections grew 7.4 percent to ₹2.26 lakh crore.

Also on HuffPost India

Regal Cinema Legacy

More On This Topic