Net direct tax collections rise
Q. Net direct tax collections in Feb 2017 grew to __________.- Published on 14 Mar 17a. 10.5%
b. 10.7%
c. 10.9%
d. 10.11%
ANSWER: 10.7%
Net direct tax collections up to February grew 10.7% as compared with the same period of the previous financial year.
Net indirect tax collections increased 22.2% during the same period.
The direct tax collections up to February 2017 continue to show a steady growth trend.
The collection net of refunds stands at INR 6.17 lakh crore, which is 10.7 % more than the net collections for the corresponding period last year.
This collection is 72.9 % of the total Budget Estimates for direct taxes for financial year 2016-17.
During February 2017, net indirect tax collections grew 8.4%, with customs, central excise and service tax collections growing 10.9%, 7.4% and 7.6%, respectively.
This was slower than the 16.9% growth in net indirect collections in January 2017, when customs, central excise and service tax collections grew was 10.1%, 26.3% and 9.4%, respectively.
Within direct tax, corporate tax collections grew 11.9% while personal income tax collections grew 20.8%. However, after accounting for refunds, these growth rates stand at 2.6% and 19.5%.
The tax department issued refunds worth INR 1.48 lakh crore over the April 2016 to February 2017 period, which is 40.2% higher than the refunds issued during the corresponding period last year.
The figures for indirect tax collections (central excise, service tax and customs) up to February 2017 show that net revenue collections are at INR 7.72 lakh crore, which is 22.2% more than the net collections for the corresponding period last year.
Till February 2017, about 90.9% of the Revised Estimates (RE) of indirect taxes for financial year 2016-17 has been achieved.
Within indirect taxes, net central excise collections stood at INR 3.45 lakh crore during the April 2016-February 2017 period compared with the INR 2.53 lakh crore collected during the corresponding period of the previous financial year, which amounts to a growth of 36.2%.
Net service tax collections during the period grew 20.8% to INR 2.21 lakh crore.
Net customs duty collections grew 5.2% to ?2.05 lakh crore in the April 2016 to February 2017 period.
