New Delhi, March 10: The Net Indirect Tax collection upto February 2017 stood at Rs 7.72 lakh crore, 22.2 per cent more than the corresponding period last year whereas, the Net Direct Tax collections upto February 2017 stood at Rs. 6.17 lakh crore, 10.7 per cent more than the corresponding period last year, reports a PIB release.
Indirect Taxes
The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to February 2017 show that net revenue collections are at Rs 7.72 lakh crore, which is 22.2 per cent more than the net collections for the corresponding period last year. Till February 2017, about 90.9 per cent of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.
As regards Central Excise, net tax collections stood at Rs. 3.45 lakh crore during April-February, 2016-17 as compared to Rs.2.53 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 36.2 per cent.
Net Tax collections on account of Service Tax during April-February, 2016-17 stood at Rs. 2.21 lakh crore as compared to Rs.1.83 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 20.8 per cent.
Net Tax collections on account of Customs during April-February 2016-17 stood at Rs. 2.05 lakh crore as compared to Rs. 1.94 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 5.2 per cent.
During February 2017, the net indirect tax grew at the rate of 8.4 per cent compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was 10.9 per cent, 7.4 per cent and 7.6 per cent respectively during the month of February 2017, compared to the corresponding month last year.
Direct Taxes
The figures for Direct Tax collections up to February, 2017 show that net collections are at Rs. 6.17 lakh crore which is 10.7 per cent more than the net collections for the corresponding period last year. This collection is 72.9 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2016-17.
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 11.9 per cent while that under PIT (including STT) is 20.8 per cent. However, after adjusting for refunds, the net growth in CIT collections is 2.6 per cent while that in PIT collections is 19.5 per cent. Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016-February 2017, which is 40.2 per cent higher than the refunds issued during the corresponding period last year.
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