Direct, Indirect Tax Revenues Till February Are Up 10.7 Per Cent, 22.2 Per Cent

The Ministry of Finance has released the net direct and indirect tax collection figures till February 2017 today (10 March). The net direct tax collection stands at Rs 6.17 lakh crore, up 10.7 per cent over the corresponding period (April to February) last year. Net indirect tax collection, on the other hand, stands at Rs 7.72 lakh crore, up 22.2 per cent.

Till February, about 90.9 per cent of the revised estimates of indirect taxes for the financial year has been achieved, said the ministry’s press release, pegging direct taxes at 72.9 per cent of the total budget estimates of direct taxes for the year.

Net tax collection from central excise, service tax and customs – at Rs 3.45 lakh crore, Rs 2.21 lakh crore and 2.05 lakh crore respectively – are up 36.2 per cent, 20.8 per cent and 5.2 per cent, respectively, over the corresponding period last financial year.

In terms of gross revenue collection, both corporate income tax and personal income tax registered growth rates of 11.9 per cent and 20.8 per cent respectively. However, after adjusting for refunds, the net growth collections stand at 2.6 per cent and 19.5 per cent respectively.