Placeholder canvas

Govt exceeds FY17 tax collection target at Rs 17.10 lakh crores

Date:

The government has exceeded the tax collection estimates for 2016-17 fiscal at Rs 17.10 lakh crore.

The revised estimates (RE) provided in Budget on February 1 had projected tax collections of Rs 16.97 lakh crore.

ALSO READ: A record breaking sale of BS-III vehicles ahead of Supreme Court ban

Net direct tax collections atRs 8.47 lakh croreshows100 per cent achievement for RE of 2016-17.

Indirect tax collection till March 2017 is101.35 percent of the RE for 2016-17 fiscal. The RE was pegged at Rs 8.5 lakh crore.

In terms of gross revenue collections, the growth rate in corporate tax was13.1 per cent while that of personal income tax was 18.4 percent.

However, after adjusting for refunds, the net growth in corporate tax collections is6.7 percent while that of personal I-T collections is21 per cent.

Refunds amounting to Rs 1.62 lakh crore have been issued during April 2016-March 2017, which is32.6 percent higher than the refunds issued during FY 2015-16, the statement added.

As regard indirect taxes,Central Excise collections grew 33.9 percent toRs 3.83 lakh crore during 2016-17.

Service tax mop up rose 20.2 per cent to Rs 2.54 lakh crore, while customs collections grew 7.4 per cent to Rs 2.26 lakh crore.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

India’s ‘Election King’ Prepares For 239th Bid Despite Record Of Defeats

New Delhi: K Padmarajan, a 65-year-old tyre repair shop...

Robert F. Kennedy Jr Chooses Nicole Shanahan As His Running Mate For 2024 Polls

Nicole Shanahan, 38 is a California lawyer and philanthropist, and brings fresh energy to Kennedy Jr's bid, focusing on issues such as women's reproductive science, criminal justice reform and environment

US Reiterates Call For Fair Legal Process On Kejriwal’s Arrest; Mentions Cong’s Frozen Accounts

New Delhi: The United States reaffirmed its stance on...

NewsMobile Morning Brief

Delhi HC Seeks ED Response To Arvind Kejriwal’s Plea...