India's FY17 tax collection reaches Rs 17.10 lakh crore

The ministry said, "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." 

India's FY17 tax collection reaches Rs 17.10 lakh crore

Ministry of Finance on Tuesday said that the revenue department has exceeded its revised tax collection target for financial year 2016 – 17.

The ministry said, "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." 

It further said that growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), stood at 13.1% and 18.4%, respectively. 

"However, after adjusting for refunds, the net growth in CIT collections is 6.7% while that in PIT collections is 21.0%," the ministry said. 

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

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. 

Meanwhile, indirect collections (including central excise, service tax and customs) stood at Rs 8.63 lakh crore, higher by 22% compared to Rs 7.09 lakh crore recorded in FY16. 

Ministry added, “Indirect Tax collection is about 101.35% achievement of revised target set for FY17.

Net tax collections for Central Excise 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%, the ministry said. 
 

Written By: ZeeBiz WebTeam
Updated: Tue, Apr 04, 2017
12:49 PM IST
Mumbai, ZeeBiz WebDesk
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