27.5% Growth of Revenue Collection.

[Ankit Kumar 002]

Ministry of Finance
12-September, 2016 12:03 IST

Indirect Tax Collections upto August, 2016 show an increase of 27.5% over the net collections for the corresponding period last year.

The figures for indirect tax collections (Central Excise, Service Tax and Customs) upto August 2016 show that net revenue collections are at Rs 3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.
As regards Central Excise, net tax collections stood at Rs.1.53 lakh crore during April-August, 2016 as compared to Rs.1.03 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 48.8%.

Net Tax collections on account of Service Tax during April-August, 2016 stood at Rs.92,696 crore as compared to Rs. 75,219 crore during the corresponding period in the previous Financial Year, thereby registering a growth of 23.2%.

Net Tax collections on account of Customs during April-August 2016 stood at Rs. 90,448 crore as compared to Rs. 85,557 crore during the same period in the previous Financial Year, thereby registering a growth of 5.7%.
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DSM/KA
(Release ID :149687)

 

[Ankit Kumar 002]

Direct Tax increase


Ministry of Finance
12-September, 2016 12:08 IST

Direct Tax Collections up to August, 2016 show an Increase of 15.03% over the net collections for the corresponding period last year; Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.

The figures for Direct Tax Collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.

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 11.55% while that under PIT (including STT etc.) is 24.06%. However, after adjusting for refunds, the net growth in CIT collections is (-)1.89% while that in PIT collections is 31.76%. Refunds amounting to Rs. 77,080 crore have been issued during April-August, 2016, which is 22.18% higher than the refunds issued during the corresponding period last year.
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DSM/KA
(Release ID :149688)

 

[randomradio]

Consumption is increasing.

 

[CorporateAffairs]

Just 1.5% of India's population pays taxes.
If that increases to 4-5% will do wonders to our country.

 

[SrNair]

Just 1.5% of India's population pays taxes.
If that increases to 4-5% will do wonders to our country.

Direct taxes

 

[Abba_Dabba_Jabba]

This is Narendra Modi's(or economics) trickle down theory or Percolation theory, which is working quite well for him now. Start working on ease of doing business and tax companies and that is how you will have more money and more work can be done. Well done NDA, 3.5 fiscal deficit target is not far this time, only worry is growth rate of 7.5+% this time.

 

[CorporateAffairs]

Direct taxes

Direct taxes is never a good idea.
In a country like ours, nobody pays taxes except the salaried class.
Indirect taxes is the way to go.
Infact abolish direct taxes.