[vc_row][vc_column][vc_column_text]APN Correspondent
The government has received highest tax revenue ever in the last six years. It stood at Rs 17.10 lakh crore, beating the revised target of last year by 18 percent. The assessment presented by the government on February 1 was Rs 16.97 lakh crore. Direct tax collection during March-April recorded a 14.2 percent increase, touching Rs 8.47 lakh crore.
The total tax revenue target in the revised estimates for 2016-17, for both direct and indirect taxes, was Rs 16.97 lakh crore, a finance ministry statement said. This was higher than the government’s budgeted estimate of Rs 16.25 lakh crore for the fiscal year. Similarly, achieving the target, indirect taxes’ earning rose by 22 percent to Rs 8.6 lakh crore.
APN carried a report on its Office-Office show describing the increase in tax revenue. The statistics are encouraging signs of the growing national economy.
Direct tax collections in fiscal 2016-17 stood at Rs 8.47 lakh crore, 14.2 percent more than the net collection last year. In terms of gross revenue collections, the growth in corporate tax was 13.1 percent and in personal income tax (including securities transaction tax), 18.4 percent. However, after adjusting for refunds, the net growth in corporate tax collections stood at 6.7 percent and for personal income tax at 21 percent.
Refunds amounting to Rs 1.62 lakh crore were issued during April-March 2017, 32.6 percent higher than those issued in 2015-16.
As regards central excise, net tax collection rose to Rs 3.83 lakh crore in 2016-17 from Rs 2.86 lakh crore in the previous financial year, a growth of 33.9 percent.
Net service tax collection in Financial Year 2017 rose 20.2 percent to Rs 2.54 lakh crore from Rs 2.11 lakh crore in Financial Year 2016. Net customs duty collection in FY17 was Rs 2.26 lakh crore against Rs 2.10 lakh crore in FY16, registering a growth of 7.4 percent.
During 2016-17 the Rajasthan Income Tax Headquarters created history with record revenue collection, leaving behind Mumbai, Bengaluru, Gujarat and Delhi. Rajasthan tax revenue collection recorded a 53.4 percent rise while UP was second with 27.4 percent rise followed by Bhubaneswar. Delhi increased its tax collection by just 4.3 percent.[/vc_column_text][/vc_column][/vc_row]