India's indirect tax collections rose 42% in April 2016; Excise and service tax collections grew 71% and 28%, respectively
In another indication of robust service sector and recovery in industrial production, the indirect taxes led by excise and service tax posted handsome growth in April 2016.
Indirect Tax collections for the month of April 2016 was Rs 64,394 crore registering a growth of 41.8% as compared to Rs. 45,417 crore collected during the same period previous year i.e. month of April 2015. Overall growth in revenue collections on account of Indirect taxes excluding Additional Revenue Measures is 17%. The overall collections of Indirect Taxes during the month of April, 2016 amounts to achievement of 8.3% of BE target for Indirect Taxes for 2016-17.
The Revenue collections target for indirect taxes as per the Budget Estimates 2016-17 is Rs. 7,78,000 crore while the actual collections on account of indirect taxes during 2015-16 was Rs. 7,09,022 crore. Thus, there is an increase of 9.7% in BE target for 2016-17 over the last year actual collections.
As far as Central Excise collections in the month of April 2016 are concerned, Rs. 28,252 crore were collected during the month as compared to Rs. 16,546 crore in the corresponding period in the previous year and thus registering a overall growth of 70.7%.
As far as Service Tax collections in April 2016 are concerned, the total collections during the month of April, 2016 amounts to Rs. 18,647 crore as compared to Rs. 14,585 crore during the corresponding period (April 2015) last year and thereby registering a growth of 27.9% in the service tax collections.
As far as Revenue collections on account of Customs is concerned, Rs. 17,495 crore were collected during the month of April 2016 as compared to Rs. 14,286 crore during the corresponding period in the previous year i.e., April, 2015 and thus registering a growth of 22.5.% on account of customs collections.
The Revenue collections target for indirect taxes as per the Budget Estimates 2016-17 is Rs. 7,78,000 crore while the actual collections on account of indirect taxes during 2015-16 was Rs. 7,09,022 crore. Thus, there is an increase of 9.7% in BE target for 2016-17 over the last year actual collections.
As far as Central Excise collections in the month of April 2016 are concerned, Rs. 28,252 crore were collected during the month as compared to Rs. 16,546 crore in the corresponding period in the previous year and thus registering a overall growth of 70.7%.
As far as Service Tax collections in April 2016 are concerned, the total collections during the month of April, 2016 amounts to Rs. 18,647 crore as compared to Rs. 14,585 crore during the corresponding period (April 2015) last year and thereby registering a growth of 27.9% in the service tax collections.
As far as Revenue collections on account of Customs is concerned, Rs. 17,495 crore were collected during the month of April 2016 as compared to Rs. 14,286 crore during the corresponding period in the previous year i.e., April, 2015 and thus registering a growth of 22.5.% on account of customs collections.
Comments
Post a Comment