Indirect tax mop-up grows 26.2%, direct tax up 15.12% in April-November
Government's revenue collection in April to November saw indirect tax-mop up growing at an impressive 26.2 percent while that of direct tax came in at 15.12 percent.
New Delhi: Government's revenue collection in April to November saw indirect tax-mop up growing at an impressive 26.2 percent while that of direct tax came in at 15.12 percent.
Total direct and indirect tax collections at the end of November stood at Rs 9.64 lakh crore, 59 percent of the Rs 16.26 lakh crore target for 2016-17.
The government is eyeing 12.64 percent growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8 percent in indirect tax at Rs 7.79 lakh crore.
Direct tax mop-up touched Rs 4.12 lakh crore and indirect tax revenue stood at Rs 5.52 lakh crore during April-November, led by robust collections in personal income tax and excise duty, respectively.
Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mobilisation from excise, service tax and Customs duty.
The gross collection of corporate income tax (CIT) grew at 11.22 percent while under personal income tax (PIT), it was 22.41 percent over the corresponding period last fiscal.
After adjusting for refunds, however, the net growth in CIT collections is 8.75 percent while under PIT, it is 23.89 percent.
Refunds amounting to over Rs 1.05 lakh crore have been issued during April-November 2016, up 17.35 percent from a year ago.
Excise duty collections clocked a growth of 43.5 percent in April-November at Rs 2.43 lakh crore while service tax recorded an increase of 25.7 percent at Rs 1.60 lakh crore.
Customs mop-up during the 8-month period was at Rs 1.48 lakh crore, registering a growth of 5.6 percent.