Government's tax kitty swells to Rs 4.3 lakh crore in April-July
Reflecting an upturn in economic activity, government's revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs 4.3 lakh crore.
New Delhi: Reflecting an upturn in economic activity, government's revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs 4.3 lakh crore.
Indirect tax collections rose by 29.9 percent during the first four months of the current fiscal to about Rs 2.71 lakh crore, mainly on account of 50.8 percent jump in excise revenues.
Direct tax revenue rose 24.01 percent to Rs 1.59 lakh crore in April-July, driven mainly by higher mop-up in personal income tax due to early advance tax collections.
The indirect and direct tax collections till July account for 34.90 percent and 18.82 percent of the annual budget target, respectively.
The government hopes to collect Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes, which includes customs, excise and service tax, in 2016-17 fiscal.
Personal income tax collection grew 31.47 percent while corporate taxes registered an increase of 11.65 percent, an official statement said.
After accounting for refunds, the net growth in personal income tax stood at 46.55 percent, while for corporate tax it was 2.84 percent.
Regarding indirect taxes, excise collection in the first four months of current fiscal grew 50.8 percent to Rs 1.23 lakh crore. Service tax revenue increased by 25.8 percent to Rs 76,679 crore.
Customs revenue collection during April-July 2016 registered 7.9 percent growth at Rs 71,767 crore.