Direct tax collection up 10.6%, indirect tax up 26.7% in April-October

Indirect tax collection was up by 10.6 per cent to Rs 3.77 lakh crore while the indirect tax collection jumped by 26.7 per cent to Rs 4.85 lakh crore during the April to October period this year, an official statement said on Wednesday.

"The figures for direct tax collections up to October 2016 show that net collections are at Rs 3.77 lakh crore which is 10.6 per cent more than the net collections for the corresponding period last year," the Finance Ministry said in a statement.

The collection up to October 2016 indicates that 44.5 per cent of the annual budget target of direct taxes has been achieved, it said.

 

Refunds amounting to Rs 93,836 crore have been issued during April-October 2016, which are 32.2 per cent higher than the refunds issued during the corresponding period last year, it added.

On indirect tax collection, the Finance Ministry statement said: "The indirect tax collections (central excise, service tax and customs) up to October 2016 show that net revenue collections are at Rs 4.85 lakh crore which is 26.7 per cent more than the net collections for the corresponding period last year."

The collection up to October 2016 indicates that 62.4 per cent of the annual budget target of indirect taxes has been achieved, it said.

"As regards central excise, net tax collections stood at Rs 2.14 lakh crore during April-October, 2016 as compared to Rs 1.47 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 45.4 per cent," the statement said.

Net tax collections on account of service tax during April-October, 2016 stood at Rs 1.43 lakh crore as compared to Rs 1.12 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 26.9 per cent, it said.

The tax collections on account of customs during April-October 2016 stood at Rs 1.27 lakh crore as compared to Rs 1.22 lakh crore during the same period in the previous financial year, thereby registering a growth of 4.1 per cent, it added.

--IANS

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