New Delhi: Reflecting an upturn in economic activity, government’s revenue collection showed an impressive growth in April-July period of this fiscal year, with total direct and indirect tax mop-up rising to Rs. 4.3 lakh crore.
Indirect tax collections rose by 29.9 per cent during the first four months of the current fiscal year to about Rs. 2.71 lakh crore, mainly on account of 50.8 per cent jump in excise revenues.
Direct tax revenue rose 24.01 per cent to Rs. 1.59 lakh crore in April-July, driven mainly by higher mop-up in personal income tax due to early advance tax collections.
The indirect and direct tax collections till July account for 34.90 per cent and 18.82 per cent of the annual budget target, respectively.
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 fiscal year 2016-17.
Personal income tax collection grew 31.47 per cent while corporate taxes registered an increase of 11.65 per cent, an official statement said.
After accounting for refunds, the net growth in personal income tax stood at 46.55 per cent, while for corporate tax it was 2.84 per cent.
Regarding indirect taxes, excise collection in the first four months of current fiscal grew 50.8 per cent to Rs. 1.23 lakh crore. Service tax revenue increased 25.8 per cent to Rs. 76,679 crore.
Customs revenue collection during April-July 2016 registered 7.9 per cent growth at Rs. 71,767 crore.