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Economy Taxes register record collection; Jaitley exults

Taxes register record collection; Jaitley exults

New Delhi: According to data released by the Ministry of Finance, a comparison of taxes collected in the period April – December 2016 and April – December 2015 shows that direct tax collections grew by 12.01% and indirect tax collections grew by 25%.

“Statistics and taxation figures are real. This is the money that has come in,” Finance Minister Arun Jaitley said in a press conference. “Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant,” he added.

Direct taxes

Direct tax collections till date for the financial year 2016 – 2017 reached Rs 5.53 lakh crores, which amounts to 65.3 % of the total Budget estimates of direct tax collections.

The gross revenue collections for Corporate Income Tax (CIT) grew at 10.7% and the Personal Income Tax (PIT) which includes STT grew at 21.7 %. After adjusting for refunds, the net growth in CIT is 4.4% while that of PIT is 24.6%. An amount of Rs 1,26,371 crore has been refunded during the period April 2016 to December 2016, and this refund amount is 30.5 % higher as compared to the previous corresponding period of April to December 2015.

After the third instalment of advance tax was received in December 2016, the advance tax collections amounted to Rs 2.82 lakh crores which amounted to a growth of 14.4% as compared to the collections for the corresponding period of last year. The CIT and PIT advance taxes registered a growth of 10.6% and 38.2%.

Indirect taxes

The net revenue collections for indirect taxes comprising central excise, service tax, and customs, for the period April – December 2016 amounted to Rs 6.30 lakh crores, which is 81% of the budget estimates for the present financial year. This shows a growth of 25% over the corresponding period for the previous financial year.

taxes
[Graphic courtesy: Rediff]
The central excise net tax collections amounted to Rs 2.79 lakh crores for the period April 2016 to December 2016. This showed a growth of 43% over the corresponding period for the previous financial year.

The service tax collections for the period April 2016 to December 2016 amounted to Rs 1.83 lakh crores and registered a growth of 23.9% over the previous corresponding financial year.

The customs tax collections for the period April 2016 to December 2016 amounted to Rs 1.67 lakh crores and registered a growth of 4.1% over the previous corresponding financial year.

The net indirect tax (with ARM) grew at the rate of 14.2% as compared to the corresponding month last financial year. The growth rate in net collections for customs, central excise and service tax was -6.3%, 31.6% and 12.4% respectively for the month of December 2016, as compared to the corresponding month of the last financial year. The negative growth in customs collections appear to be on account of a decline of gold imports by about 46% (in volume terms) in December 2016 as compared to the collections for December 2015.

“Another thing to remember, the collection estimate for November 2016, when taxes could be paid in old currency, indicates that VAT must have been paid in old currency. So VAT collection is also up post demonetisation,” Jaitley said.

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