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Indirect taxes mop-up crosses 52% & direct tax realises only 38% up to Sept 2016

By TIOL News Service

NEW DELHI, OCT 10, 2016: EVEN though the industrial production has contracted in the past two months, the revenue collections have shown impressive growth trend on both the direct as well as indirect tax fronts. As per the latest data, Indirect Tax Collections up to September, 2016 have recorded an increase of 25.9% over the net Indirect Tax collections for the corresponding period last year; Net revenue collections up to September, 2016 stood at Rs 4.08 lakh crore which is 52.5% of the Budget Estimates of Indirect Taxes for Financial Year 2016-17.

The figures for direct tax collections up to September, 2016 show that net collections are at Rs 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year. Till September, 2016, 38.65% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 9.54% while that under PIT (including STT) is 16.85%. However, after adjusting for refunds, the net growth in CIT collections is 2.56% while that in PIT collections is 18.60%. Refunds amounting to Rs 86,491 crore have been issued during April-September, 2016, which is 26.99% higher than the refunds issued during the corresponding period last year.

Till September, 2016, advance tax collections have reached Rs.1.58 lakh crore showing a growth rate of 12.12%. The growth in Corporate advance tax is 8.14% as against 44.5% in Personal advance tax collections. The high growth rate in PIT advance tax is also due to the fact that as against 30% of annual advance tax which was payable till September instalment in earlier years, from this financial year, 45% of the annual advance tax liability is to be paid by September.

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to September 2016 in the current Financial Year 2016-17 show that net revenue collections are at Rs 4.08 lakh crore which is 25.9% more than the net collections for the corresponding period last year i.e. 2015-16. Till September 2016, 52.5% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs 1.83 lakh crore during April-September, 2016 as compared to Rs.1.25 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 46.3%.

Net Tax collections on account of Service Tax during April-September, 2016 stood at Rs. 1,16,975 crore as compared to Rs. 95,780 crore during the corresponding period in the previous Financial Year, thereby registering a growth of 22.1%.

Net Tax collections on account of Customs during April-September 2016 stood at Rs. 1.08 lakh crore as compared to Rs. 1.03 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 4.8%.


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