Government's direct tax collections were up 15 per cent in April-August period due to robust increase in personal income tax. Indirect taxes growth was even better at 27.5 per cent over this period because of a healthy rise in excise collections.
In the first five months of the fiscal, the government has managed 22.3 per cent of the budgeted direct tax collection for FY17 and 43.2 per cent of the indirect tax collections.
The government has budgeted Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes. At the end of August, net direct tax collection was Rs 1.89 lakh crore while indirect taxes added up to Rs 3.36 lakh crore. The lower direct tax collections are largely due to negative growth in net corporate tax collections because of large refunds.
The gross corporate income tax grew at 11.6 per cent while personal income tax kitty was up 24.1 per cent.
After adjusting for refunds, the net corporate collections dropped 1.9 per cent from a year ago period. Net personal income tax collections rose 31.8 per cent.
Refunds of Rs 77,080 crore were given out during April-August, 22.2 per cent more than the refunds issued during the corresponding period last year.
The central excise collections were up 48.8 per cent at .Rs 1.53 lakh crore during April-August from Rs 1.03 lakh crore during the corresponding period in the previous financial year.
Net service tax collections were pegged at Rs 92,696 crore, a growth of 23.2 per cent. Customs mop-up was Rs 90,448 crore, a muted 5.7 per cent rise
Read more at:
http://economictimes.indiatimes.com/
In the first five months of the fiscal, the government has managed 22.3 per cent of the budgeted direct tax collection for FY17 and 43.2 per cent of the indirect tax collections.
The government has budgeted Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes. At the end of August, net direct tax collection was Rs 1.89 lakh crore while indirect taxes added up to Rs 3.36 lakh crore. The lower direct tax collections are largely due to negative growth in net corporate tax collections because of large refunds.
The gross corporate income tax grew at 11.6 per cent while personal income tax kitty was up 24.1 per cent.
After adjusting for refunds, the net corporate collections dropped 1.9 per cent from a year ago period. Net personal income tax collections rose 31.8 per cent.
Refunds of Rs 77,080 crore were given out during April-August, 22.2 per cent more than the refunds issued during the corresponding period last year.
The central excise collections were up 48.8 per cent at .Rs 1.53 lakh crore during April-August from Rs 1.03 lakh crore during the corresponding period in the previous financial year.
Net service tax collections were pegged at Rs 92,696 crore, a growth of 23.2 per cent. Customs mop-up was Rs 90,448 crore, a muted 5.7 per cent rise
Read more at:
http://economictimes.indiatimes.com/
No comments:
Post a Comment