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Tax kitty crosses estimate, govt mops up Rs 17.10 lakh cr

Press Trust of India  |  New Delhi 

The has marginally exceeded the 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 and personal 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 ministry statement said today. Secretary Hasmukh Adhia tweeted, "Total net grows at 18 per cent to Rs 17.10 lakh crore, highest in last 6 years." While the direct mop-up during April-March grew 14.2 per cent at Rs 8.47 lakh crore, the indirect kitty swelled by 22 per cent over the last year to Rs 8.63 lakh crore. The net direct mobilisation is 100 per cent of the amount pegged in RE. The figure also includes the garnered through Pradhan Mantri Garib Kalyan (PMGKY) as well as the second payment instalment of 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 had come out with PMGKY under which people with unaccounted cash could come clean by paying 50 per cent 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 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 collections, the growth rate in corporate was 13.1 per centwhile that of personal was 18.4 per cent. However, after adjusting for refunds, the net growth in corporate 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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 04 2017. 20:22 IST