FM: Apr-Dec direct tax collections up 12%; indirect tax up 25%

 Personal income tax collection up 24.6%; direct tax collected is 65.3 percent of the total budget estimate; refunds during April-December grew 30.5 percent Arun Jaitley, Finance Minister,  Aided by robust personal and corporate income tax, direct tax collection during the first nine months of the current financial year 2016-17 grew 12.01 percent on year to Rs 5.53 lakh crore. Indirect tax, which includes central excise, service tax and customs, collected during April-December indicate net revenue were Rs 6.30 lakh crore, up 25 percent on year, finance minister Arun Jaitley said on Monday. “…growth rate under Corporate Income Tax (CIT) is 10.7 percent while that under Personal Income Tax (PIT) (including STT) is 21.7 percent 

 However, after adjusting for refunds, the net growth in CIT collections is 4.4% while that in PIT collections is 24.6 percent,” finance ministry said separately in a release. The direct tax collected is 65.3 percent of the total budget estimates of direct taxes for financial year 2016-17. Refunds during April-December grew 30.5 percent on year to Rs 1,26,371 crore and have already been issued, the release said. Central excise net tax collections were Rs. 2.79 lakh crore during April-December, up 43% on year, while service tax during grew nearly 24 percent on year to Rs 1.83 lakh crore, he said, adding that net tax collections on account of customs during the first three quarters of 2016-17 stood at Rs 1.67 lakh crore, up 4.1 percent on year. The finance minister also said that overall indirect tax collection in December shot up of 14.2 percent on year, with central excise and service tax rising 31.6 percent and 12.4 percent, respectively.

 Custom duty, however, declined 6.3 percent owing to lower gold imports, Jaitley said, adding that most states reported a hike in value added tax (VAT) in November mostly because of tax collection in scrapped high-denomination Rs 500 and Rs 1000 banned currency, Jaitley said. Last week finance minister Arun Jaitley had said that direct and indirect tax mop-up for 2016-17 would be higher than the budgeted estimate. He had also said that the larger integration of informal economy with formal on the back of scrapping Rs 500 and Rs 1000 notes from November 8 would lead to higher revenue to the Centre, as well as the states

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