The government has exceeded the tax collection estimates for 2016-17 fiscal at Rs.17.10 lakh crore.
The revised estimates (RE) provided in Budget on February 1 had projected tax collections of Rs.16.97 lakh crore.
The Finance Ministry in a statement said that tax collection of Rs.17.10 lakh crore is a growth of around18 per centcompared to last year.
Revenue Secretary Hasmukh Adhia said, “Total net tax revenue grows at 18 per cent to Rs.17.10 lakh crore, highest in last 6 years.” While direct tax mop up during the April-March period grew 14.2 per cent at Rs.8.47 lakh crore, indirect tax kitty swelled by 22 per cent over last year to Rs.8.63 lakh crore.
Net direct tax collections at Rs.8.47 lakh croreshows100 per cent achievementfor RE of 2016-17.
Indirect tax collection till March 2017 is101.35 per centof the RE for 2016-17 fiscal. The RE was pegged at Rs.8.5 lakh crore.
In terms of gross revenue collections, the growth rate in corporate tax was13.1 per centwhile that of personal income tax was 18.4 per cent.
However, after adjusting for refunds, the net growth in corporate tax collections is6.7 per centwhile that of personal I-T collections is21 per cent.
Refunds amounting to Rs.1.62 lakh crorehave been issued during April 2016-March 2017, which is32.6 per centhigher than the refunds issued during FY 2015-16, the statement added.
As regard indirect taxes,Central Excise collections grew 33.9 per cent to Rs.3.83 lakh crore during 2016-17.
Service tax mop up rose 20.2 per cent to Rs.2.54 lakh crore, while customs collections grew 7.4 per cent to Rs.2.26 lakh crore.