Indirect tax collections rise by 23.1 per cent in November

9:12 AM
NEW DELHI: Indirect tax collections have posted a robust growth in November from a year ago, data released by the government showed on Friday, suggesting that demonetisation may have had only marginal impact so far.

Net indirect tax collections grew 23.1 per cent in November from a year ago, data released by the finance ministry showed. Overall, net indirect tax mop-up was up 26.2 per cent in April-November from a year ago while net direct tax increased 15.1 per cent over this period.

Adjusting for additional resource moblisation such as higher duty on fuel the growth in net indirect taxes was a modest 8.0 per cent in the April-November period. Net indirect tax collection in November was down 13.9 per cent over October 2016 figures, the data showed.

There was a similar though lesser decline in November collections from October in FY16, which makes it difficult to ascertain the impact of demonetisation of Rs 500 and Rs 1,000 notes from November 8.

Total direct and indirect tax collections at the end of November stood at Rs 9.64 lakh crore, nearly 60 per cent of the budget target of Rs 16.26 lakh crore for FY17. Net direct tax collection added up to Rs 4.12 lakh crore over April-November while net indirect tax revenue was Rs 5.52 lakh over the same period.

Excise duty collections were up 43.5 per cent in April-November at Rs 2.43 lakh crore while service tax recorded an increase of 25.7 per cent at Rs 1.60 lakh crore. Customs mop-up during the 8-month period was at Rs 1.48 lakh crore, registering a growth of 5.6 per cent.

In November customs, central excise and service tax collections were up was 16.1 per cent, 33.7 per cent and 15.5 per cent respectively from a year ago. The gross corporate income tax was up 11.2 per cent in April-November, less than 22.4 per cent rise in personal income tax collection.

After adjusting for refunds, the corporate tax collection was up 8.75 per cent while personal income tax rose 23.9 per cent. Rs 1.05 lakh crore has been refunded during April-November 2016, up 17.35 per cent from a year ago.

Source: Economic TImes

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