Direct tax collection up 15.03%, indirect tax collection up 27.5% in April-August

India's direct tax collection was up by 15.03 per cent to Rs 1.89 lakh crore while the indirect tax collection jumped by 27.5 per cent to Rs 3.36 lakh crore during the April to August period this year, an official statement said on Monday.

"The figures for direct tax collections up to August 2016 show that net revenue collections are at Rs 1.89 lakh crore which is 15.03 per cent more than the net collections for the corresponding period last year," Finance Ministry said in a statement.

The collection up to August 2016 indicates that 22.30 per cent of the annual budget target of direct taxes has been achieved, it said.

Refunds amounting to Rs 77,080 crore have been issued during April-August 2016, which is 22.18 per cent higher than the refunds issued during the corresponding period last year, it added.

On indirect tax collection, the Finance Ministry statement said, "The figures for indirect tax collections (central excise, service tax and customs) up to August 2016 show that net revenue collections are at Rs 3.36 lakh crore which is 27.5 per cent more than the net collections for the corresponding period last year."

The collection up to August 2016 indicates that 43.2 per cent of the annual budget target of indirect taxes has been achieved, it said.

"As regards central excise, net tax collections stood at Rs 1.53 lakh crore during April-August, 2016 as compared to Rs 1.03 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 48.8 per cent," the statement said.

Net tax collections on account of service tax during April-August, 2016 stood at Rs 92,696 crore as compared to Rs 75,219 crore during the corresponding period in the previous financial year, thereby registering a growth of 23.2 per cent, it said.

The tax collections on account of customs during April-August 2016 stood at Rs 90,448 crore as compared to Rs 85,557 crore during the same period in the previous financial year, thereby registering a growth of 5.7 per cent, it added.

--IANS

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