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Direct Tax Collections upto June, 2016 indicate net revenue collections of Rs.1.24 lakh crore; registering an increase of 24.79% over the corresponding period last year.

The direct tax collections upto June, 2016 indicate net revenue collection of Rs.1.24 lakh crore which is a growth of 24.79% over the corresponding period last year. The main reason for this increase is the change in the requirements for advance tax payment even in respect of individuals which has been made in the last year’s Budget. Earlier there were only three instalments of advance tax to be paid by individuals in the months of September, December and March. From the current year, individuals are also supposed to pay four instalments of advance tax at the rate of 15%, 30%, 30% and 25% in the months of June, September, December and March of every Financial Year. The collection upto June, 2016 indicates that 14.63% of the annual budget target of direct taxes has been achieved in the first three months of the F.Y. 2016-17. 

In terms of growth rate for corporation tax and personal income tax, the trend in gross revenue of corporation tax is indicating an increase of 13.5% while that of personal income tax (including STT etc.) a growth of 29.8%. However, after adjusting for refunds, the net growth in corporation tax is at 4.43% while that of personal income tax (including STT etc.) at 48.75% as compared to previous year .This increase is mainly due to large refunds made in the previous year as compared to the current year.

Indirect tax collection for the 1st quarter of 2016-17 indicates a growth rate of 30.8% 
 

The figures of indirect tax collection for the 1st quarter of current  fiscal 2016-17 indicates a growth rate of 30.8% as compared to the 36.3% in the corresponding period of previous financial year. Once the Additional Resource Mobilization(ARM) is removed, the growth rate in Q1 is 10.2%[Customs: 11.2%, Central Excise: 13.9% & Service Tax: 4.3%]. The  details of Indirect tax revenue collections(prov.) in Q1,  2016-17 vis-à-vis Q1,2015-16, along with growth rate compared with  the corresponding period of the  previous year is tabulated below as:- 

 Tax Head

BE

  June

            April-June

% of BE achievement

2016-17

2015-16

2016-17

% Growth

2015-16

2016-17

% Growth

Customs

230000

17414

18507

6.3

47450

54808

15.5

23.8

 Central Excise*

317000

21949

30982

41.2

60787

91225

50.1

28.8

Service Tax

231000

16914

18266

8.0

44503

53757

20.8

23.3

Total

778000

56277

67755

20.4

152740

199790

30.8

25.7

* Exclusive of cess  administered by other  Departments.

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