April-November indirect tax collection grows at 26.2%, direct tax at 15.12%

Government's revenue collection in April to November saw indirect tax-mop up growing at an impressive 26.2% while that of direct tax came in at 15.12%.

Total direct and indirect tax collections at the end of November stood at Rs 9.64 lakh crore, 59% of the Rs 16.26 lakh crore target for 2016-17. The government is eyeing 12.64% growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8% in indirect tax at Rs 7.79 lakh crore. Direct tax mop-up touched Rs 4.12 lakh crore and indirect tax revenue stood at Rs 5.52 lakh crore during April-November, led by robust collections in personal income tax and excise duty, respectively.

Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mobilisation from excise, service tax and Customs duty. The gross collection of corporate income tax (CIT) grew at 11.22% while under personal income tax (PIT), it was 22.41% over the corresponding period last fiscal. After adjusting for refunds, however, the net growth in CIT collections is 8.75% while under PIT, it is 23.89%.

Refunds amounting to over Rs 1.05 lakh crore have been issued during April-November 2016, up 17.35% from a year ago. Excise duty collections clocked a growth of 43.5% in April-November at Rs 2.43 lakh crore while service tax recorded an increase of 25.7% at Rs 1.60 lakh crore. Customs mop-up during the 8-month period was at Rs 1.48 lakh crore, registering a growth of 5.6%.