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Indirect Tax Collections increase by 29.9%

By TIOL News Service

NEW DELHI, AUG 10, 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.


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: Indirect Tax Collections increase by 30 percent

Sometimes I just wonder whether this growth in collection of indirect taxes is related to price rise and inflation. or this a parameter to read growth in the numbers.In recent times the indirect tax collection is growing but industry is not growing. Banks are saying that loan,credit demand of industry is weak.

What appears is that the common man is paying more and more taxes and prices are rising. So is the inflation but actually there is no growth or employment generation in real terms. We are growing our GDP by these numbers artificially.

Arbind Aggarwal

Posted by Schneider1 Schneider1
 

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