Taxes

Tax collections witness encouraging growth

rupee-notes (File) Representational image

Direct tax collections witnessed a 24.1 per cent growth in the April-July quarter and stood at Rs 1.59 lakh crore.

According to the latest data available with Central Board of Excise and Customs (CBEC), till July 2016, 18.82 per cent of the budget estimates of direct taxes for the Financial Year (FY) 2016-17 has been achieved. The net growth in corporate income tax collections is 2.84 per cent and in personal income tax collections, it is 46.55 per cent.

Refunds amounting to Rs 64,181 crore have been issued during April-July 2016, which is 10.43 per cent higher than the refunds issued during the corresponding period last year.

Indirect tax revenue collections stood at Rs 2,71,719 crore compared with Rs 2,09,217 crore in the corresponding period last year, registering an increase of 29.9 per cent. Till July 2016, 34.9 per cent of the budget estimates of indirect taxes for FY 2016-17 has been achieved.

Total collections on account of Central Excise during the first four months of the current FY (April 2016-July 2016) stood at Rs 1,23,273 crore compared with Rs 81,748 crore during the same period in last year, registering the growth of 50.8 per cent.

Total collections on account of Customs during the first four months of current FY 2016-17 (April 2016-July 2016) stood at Rs 71,767 crore compared with Rs 66,495 crore during the same period last year, registering a 7.9 per cent growth.

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Topics : #taxes

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