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 8.47 lakh crorewas 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, which is a growth of around 18%
compared to last year.
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, which
is a major increase compared to the growth rate of the previous FY. Net
direct tax collections stand at Rs 8.47 lakh crore which shows 100%
achievementfor 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 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.
The figures for indirect tax collections (Central Excise, Service Tax
and Customs) in FY 2016-17are at Rs 8.63 lakh crore, which is
22.0%higher than the actual revenue receipts in FY 2015-16. Till March
2017, about 101.35% 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. 3.83 lakh
crore during FY 2016-17 as compared to Rs.2.86 lakh crore in the
previous Financial Year, thereby registering a growth of 33.9%.
Net Tax collections on account of Service Tax during FY 2016-17 stood at
Rs. 2.54 lakh crore as compared to Rs.2.11 lakh crore in the previous
Financial Year, thereby registering a growth of 20.2%.
Net Tax collections on account of Customs during FY 2016-17 stood at Rs.
2.26 lakh crore as compared to Rs. 2.10 lakh crore in the previous
Financial Year, thereby registering a growth of 7.4%.