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April-October Indirect tax mop-up grows 26.7%, direct tax 10.6%

indirect taxes, raise , india

New Delhi: Government's revenue collection in April to October saw indirect tax-mop up growing at an impressive 26.7 per cent while that of direct tax came in at 10.6 per cent.

The total direct and indirect tax collections at the end of October stood at Rs. 8.62 lakh crore, more than half the Rs. 16.26 lakh crore target for 2016-17.

The government is eyeing 12.64 per cent growth in direct tax at Rs. 8.47 lakh crore for the current fiscal and 10.8 per cent in indirect tax at Rs. 7.79 lakh crore.

Direct tax mop-up touched Rs. 3.77 lakh crore and indirect tax revenue stood at Rs. 4.85 lakh crore during April-October, led by robust collections in personal income tax and excise duty, respectively.

Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mobilisation from excise, service tax and Customs duty.

The gross collection of corporate income tax (CIT) grew at 11.6 per cent while under personal income tax (PIT), it was 18.6 per cent over the corresponding period last fiscal.

After adjusting for refunds, however, the net growth in CIT collections is 5 per cent while under PIT, it is 18.4 per cent.

Refunds amounting to Rs. 93,836 crore have been issued during April-October 2016, up 32.2 per cent from a year ago.

Excise duty collections clocked a growth of 45.4 per cent in April-October at Rs. 2.14 lakh crore while service tax recorded an increase of 26.9 per cent at Rs. 1.43 lakh crore.

Customs mop-up during the 7-month period was at Rs. 1.27 lakh crore, registering a growth of 4.1 per cent.

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