New Delhi: Reflecting an upturn in economic activity, government’s revenue collection showed an impressive growth in April-June quarter with total tax mop-up rising to Rs 3.24 lakh crore.
Indirect tax collections rose by 30.8 per cent during thefirst three months of the current fiscal to about Rs 2 lakh crore, mainly on account of 50 per cent jump in excise revenues.
In case of direct taxes, kitty rose 24.79 per cent to Rs 1.24 lakh crore in April-June driven mainly by higher collection in personal income tax due to early advance tax mop-up.
The indirect tax collection and direct tax collections up to June indicate 25.7 per cent and 14.63 per cent of the annual budget target.
The government hopes to collect Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes, which includes customs, excise and service tax, in 2016-17 fiscal.
Revenue Secretary Hasmukh Adhia said: “The main reason for this increase (in direct taxes) is the change in the requirement for advance tax payment in respect of individuals, made in last budget.”
Personal income tax collection grew 29.8 per cent while corporate taxes registered an increase of 13.5 per cent, an official statement said.
From current year, individuals are also supposed to pay four installments of advance tax at the rate of 15 per cent, 30 per cent, 30 per cent and 25 per cent in the months of June, September, December and March.
Earlier there were only three installments of advance tax to be paid by individuals in the months of September, December and March.
As regards indirect taxes, excise collection in the first quarter of current fiscal grew 50.1 per cent to Rs 91,225 crore. Service tax revenue increased by 20.8 per cent to Rs 53,757 crore.
Customs revenue collection during April-June 2016 registered 15.5 per cent growth at Rs 54,808 crore.