New Delhi: The latest tax revenue numbers up to 31 January indicate a healthy growth of 33.7% in indirect tax and 10.9% in direct tax collections. As against the annual BE target for tax collections of Rs 14.49 lakh crore, the government has received Rs 10.66 lakh crore, which is 73.5% of the BE target.
Looking at the trend, it appears that, as far as indirect tax collections are concerned, the government may get more than Rs 40,000 crore over and above the BE target for 2015-16 while there might be an equal amount of shortfall in direct tax collections. However, both the collections put together, it is expected that the annual BE target of revenue collections for the current year will be met without any shortfall.
[stextbox id=”info” defcaption=”true” float=”true” align=”right”]Direct and indirect tax collections together expected to meet the target of revenue collections for the current financial year 2015-16 without any shortfall;
Latest tax collections figures up to 31 January of this year indicate a healthy growth of 33.7% in indirect tax and 10.9% in direct tax collections.[/stextbox]
The growth in customs duty revenue collections on electrical machinery is 34.4%; in the case of other machineries, it is 27.8%. These are indicators of new investments taking place in the private sector.
As for as the growth in services tax collections (as against the 27.2% average growth rate), the growth rate in banking and financial services is 44.6%. In the case of work contract services, the growth rate in service taxes is 39.9% and in that of goods transportation services, it is 41%.
These are indications of heightened economic activities in commensurate with the growth rate projections for the FY 2015-16 as announced by the Central Statistical Organisation (CSO) 2 days ago.