34.9% of the Budget Estimates of indirect taxes for FY 2016-17 achieved till July 2016
The figures for indirect tax revenue (provisional) collections upto July, 2016 show that the net revenue collections are at Rs. 2,71,719 crore as compared to Rs. 2,09,217 crore for the corresponding period last year and thereby registering a growth of 29.9% in the net collections.Till July, 2016, 34.9 % of the Budget Estimates of indirect taxes for FY 2016-17 has been achieved.
Tax collections on account of Central Excise stood at Rs. 31,782 crore in month of July 2016 as compared to Rs. 20,658 crore during the same period in last year (July 2015) and there by registering a growth of 53.8% in this period.Total collections on account of Central Excise during the first four months of current FY 2016-17(April 2016-July 2016) stood at Rs.1,23,273 crore as compared to Rs. 81,748 crore during the same period in last Financial Year and thereby registering the growth of 50.8%.
Tax collections on account of Service Tax stood at Rs. 19,600 crore in month of July 2016 as compared to Rs. 15,685 crore during the same period in last year (July 2015) and there by registering a growth of 25% in this period. Total collections on account of Service Tax during the first four months of current FY 2016-17(April 2016-July 2016) stood at Rs.7,66,79 crore as compared to Rs. 60,974 crore during the same period in last Financial Year and thereby registering the growth of 25.8%.
Tax collections on account of Customs stood at Rs. 16,959 crore in month of July 2016 as compared to Rs. 19,045 crore during the same period in last year (July 2015) and showing a decline of 11% in this period. 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 as compared to Rs. 66,495 crore during the same period in last Financial Year and thereby registering the growth of 7.9%.
Full details of Indirect Tax revenue (provisional) collections, along with growth rate compared to the corresponding period in the previous year are as given below in the tabulated form:
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For the month July 2016
(Rs. in crores)
Tax Head For July Upto July % of BE achievement B.E.2016-17 2015-16 2016-17 % Growth 2015-16 2016-17 % GrowthCustoms 230000 19045 16959 (-) 11 66495 71767 7.9 31.2Central Excise* 317000 20658 31782 53.8 81748 123273 50.8 38.9Service Tax 231000 15685 19600 25.0 60974 76679 25.8 33.2Total 778000 55388 68341 23.4 209217 271719 29.9 34.9
*Exclusive of cess administered by other departments.
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