Revenue Deptt exceeds revised tax collection target for 2016-17 by 18 %

Speed Post News Network 

 New  Delhi : The Revenue Department of Finance Ministry has exceeded Revised Tax Collections target for 2016-17 by around 18% for Direct and Indirect Taxes. The provisional figure of Total Tax Collections in 2016-17 is Rs 17.10 lakh crore  against the revised target of Rs 16.97 lakh crore.

The total tax revenue targets of the revised estimates for 2016-17 for both Direct and Indirect Taxes was Rs.16.97 lakh crore of which Rs 8.47 lakh crore was for Direct Tax and Rs.8.5 lakh crore from Indirect Tax.  It may be recalled that the Revised Estimate figures of 2016-17 was Rs.16.97 lakh crore compared to the Budget Estimates figures of  Rs.16.25 lakh crore in 2016-17. As against the revised estimate, the provisional figure of tax collection is Rs 17.10 lakh crore, a growth of around 18% compared to last year, according to a PIB release.

The provisional figures for Direct Tax collections up to March, 2017, show that net collections are at Rs. 8.47 lakh crore which is 14.2% more than the net collections for the corresponding period last year.As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 13.1% while that under PIT (including STT) is 18.4%. However, after adjusting for refunds, the net growth in CIT collections is 6.7% while that in PIT collections is 21.0%. Refunds amounting to Rs.1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6% higher than the refunds issued during FY 2015-16.