Reflecting an upturn in economic activity, Government’s revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs4.3 lakh crore.
Indirect tax collections rose by 29.9 per cent during the first four months of the current fiscal to about Rs2.71 lakh crore, mainly on account of 50.8 per cent jump in excise revenues.
Direct tax revenue rose 24.01 per cent to Rs1.59 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 Rs8.47 lakh crore from direct taxes and Rs7.79 lakh crore from indirect taxes, which includes customs, excise and service tax, in 2016-17 fiscal.
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.