ALSO READPar panel for harnessing tax potential of un-organised sector RSP MP gives notice for Privilege Motion against Rev Secy Drastic changes in revised tax returns will invite action: Finance Ministry IDS gets Rs 67,382 cr, over Rs 2K cr higher than estimate Budget provides 'big relief' to MSME sector: Kalraj Mishra
The government has marginally exceeded the tax collection target for 2016-17 by mopping up Rs 17.10 lakh crore, registering the highest growth in the past six years. This translates into a growth of 18 per centcompared to the previous year as excise, service tax and personal income tax collection showed buoyancy. Also, it came in higher than the Rs 16.97 lakh crore as pegged in the revised estimates (RE) of the Budget on February 1, a finance ministry statement said today. Revenue Secretary Hasmukh Adhia tweeted, "Total net tax revenue grows at 18 per cent to Rs 17.10 lakh crore, highest in last 6 years." While the direct tax mop-up during April-March grew 14.2 per cent at Rs 8.47 lakh crore, the indirect tax kitty swelled by 22 per cent over the last year to Rs 8.63 lakh crore. The net direct tax mobilisation is 100 per cent of the amount pegged in RE. The figure also includes the revenue garnered through Pradhan Mantri Garib Kalyan Yojana (PMGKY) as well as the second payment instalment of income declaration scheme (IDS). The second payment instalment ended on March 31. A total of Rs 67,382 crore worth illicit wealth was disclosed in the one-time window last year and first instalment was paid in November. Post demonetisation, the government had come out with PMGKY under which people with unaccounted cash could come clean by paying 50 per cent tax plus penalty.
A quarter of the total sum will have to be parked in a non-interest bearing deposit for four years. The scheme opened on December 1 and closed on March 31. The statement said indirect tax collection of Rs 8.63 lakh crore is 101.35 per cent of the RE for 2016-17. The RE was pegged at Rs 8.5 lakh crore. In terms of gross revenue collections, the growth rate in corporate tax was 13.1 per centwhile that of personal income tax was 18.4 per cent. However, after adjusting for refunds, the net growth in corporate tax collections is6.7 per centwhile that of personal I-T collections is21 per cent. Refunds amounting to Rs 1.62 lakh crore were issued during April 2016 and March 2017, 32.6 per cent higher than 2015-16, the statement added. As for indirect taxes, central excise collections grew 33.9 per cent toRs 3.83 lakh crore during 2016-17. Service tax mop-up rose 20.2 per cent to Rs 2.54 lakh crore while Customs mobilisation grew 7.4 per cent to Rs 2.26 lakh crore.
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