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Indirect Tax Collections up to July, 2016 indicate net revenue collections of Rs.2,71,719 crore as compared to Rs.209217 crore in the corresponding period last year and thereby registering an increase of 29.9% over the corresponding period; 34.9% of the Budget Estimates of indirect taxes for FY 2016-17 achieved till July 2016. 

The figures for indirect tax revenue (provisional) collections upto July, 2016 show that the net revenue collections are at Rs. 2,71,719 crore as compared to Rs. 2,09,217 crore for the corresponding period last year and thereby registering a growth of  29.9% in the net collections.

Till July, 2016, 34.9 % of the Budget Estimates of indirect taxes for FY 2016-17 has been achieved.  

Tax collections on account of Central Excise stood at Rs. 31,782 crore in month of July 2016 as compared to Rs. 20,658 crore during the same period in last year (July 2015) and there by registering a growth of 53.8% in this period. Total collections on account of Central Excise during the first four months of current FY 2016-17(April 2016-July 2016) stood at Rs.1,23,273 crore as compared to Rs. 81,748 crore during the same period in last Financial Year and thereby registering the growth of 50.8%.

Tax collections on account of Service Tax stood at Rs. 19,600 crore in month of July 2016 as compared to Rs. 15,685 crore during the same period in last year (July 2015) and there by registering a growth of 25% in this period. Total collections on account of Service Tax during the first four months of current FY 2016-17(April 2016-July 2016) stood at Rs.7,66,79 crore as compared to Rs. 60,974 crore during the same period in last Financial Year and thereby registering the growth of 25.8%.

Tax collections on account of Customs stood at Rs. 16,959 crore in month of July 2016 as compared to Rs. 19,045 crore during the same period in last year (July 2015) and showing a decline of 11% in this period. Total collections on account of Customs during the first four months of current FY 2016-17 (April 2016-July 2016) stood at Rs. 71,767 crore as compared to Rs. 66,495 crore during the same period in last Financial Year and thereby registering the growth of 7.9%.

Full details of Indirect Tax revenue (provisional) collections, along with growth rate compared to the corresponding period in the previous year are as given below in the tabulated form:

For the month July 2016

(Rs. in crores)

Tax Head

 

For July

Upto July

% of BE achievement

 

B.E.

2016-17

2015-16

2016-17

% Growth

2015-16

2016-17

% Growth

 

Customs

 

230000

 

 

19045

 

16959

 

(-) 11

 

66495

 

71767

 

7.9

 

31.2

Central Excise*

 

317000

 

 

20658

 

31782

 

53.8

 

81748

 

123273

 

50.8

 

38.9

Service Tax

 

231000

 

 

15685

 

19600

 

25.0

 

60974

 

76679

 

25.8

 

33.2

 

Total

 

778000

 

 

55388

 

68341

 

23.4

 

209217

 

271719

 

29.9

 

34.9

 *Exclusive of cess administered by other departments.

Direct Tax Collections Increase by 24.01% up to July, 2016- reg

The figures for direct tax collections up to July, 2016 show that net revenue collections are at Rs.1.59 lakh crore which is 24.01% more than the net collections for the corresponding period last year. Till July, 2016, 18.82% of the Budget Estimates of direct taxes for FY 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 11.65% while that under PIT (including STT etc.) is 31.47%. However, after adjusting for refunds, the net growth in CIT collections is 2.84% while that in PIT collections is 46.55%. Refunds amounting to Rs.64,181 crore have been issued during April-July, 2016, which is 10.43% higher than the refunds issued during the corresponding period last year.

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