The figures for Direct Tax Collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016,22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.
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 11.55% while that under PIT (including STT etc.) is 24.06%.However, after adjusting for refunds, the net growth in CIT collections is (-)1.89% while that in PIT collections is 31.76%. Refunds amounting to Rs. 77,080 crore have been issued during April-August, 2016, which is22.18% higher than the refunds issued during the corresponding period last year.
The figures for indirect tax collections (Central Excise, Service Tax and Customs) upto August 2016 show that net revenue collections are at Rs 3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.
As regards Central Excise, net tax collections stood at Rs.1.53 lakh crore during April-August, 2016 as compared to Rs.1.03 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 48.8%.
Net Tax collections on account of Service Tax during April-August, 2016 stood at Rs.92,696 crore as compared to Rs. 75,219 crore during the corresponding period in the previous Financial Year, thereby registering a growth of 23.2%.
Net Tax collections on account of Customs during April-August 2016 stood at Rs. 90,448 crores as compared to Rs. 85,557 crore during the same period in the previous Financial Year, thereby registering a growth of 5.7%.
