The collection up to January 2017 indicates that 68.7 per cent of the annual budget target of direct taxes has been achieved, it said.
The tax collections till January 2017 this financial year have seen healthy growth.
Direct tax collections rose 10.8% in the April-January period to ₹5.82 lakh crore compared with the same period a year earlier, official data showed. This number was almost 83% of the estimated indirect tax collections in the budget math of the government. According to finance ministry, tax revenues contributed only 2 per cent to Gross Domestic Product.
Mumbai: The Government on Friday released important numbers on total direct and indirect tax collections in country.
"From February 2017 onward, the favourable impact of the hikes in excise duty on fuels undertaken from November 2015 to January 2016 would fade away, which would result in further moderation in the growth of excise collections to a level that reflects industrial activity in the economy", said Aditi Nayar, principal economist at rating agency Icra Ltd. However, after accounting for refunds that were up 41% amounting to Rs1.41 trillion, corporate collections grew 2.9%, while personal income tax grew 23%. Refunds amounting to Rs.1.41 lakh crore have been issued during April 2016-January 2017, which is 41.0 percent higher than the refunds issued during the corresponding period previous year. While excise collections grew more than 40% to Rs3.13 trillion in the 10-month period, service tax collections grew 22% to Rs2.03 trillion and customs was up 4.7% to Rs1.86 trillion.
However, after adjusting for refunds, the net growth in corporate income tax collections in the first 10 months of the fiscal is 2.9% while net personal income tax collections have grown 23.1%.
Growth rate in net collections for Customs, Central Excise and Service Tax at the rate of 10.1%, 26.3% and 9.4% respectively, government statement said, adding, "The Tax Collection figures up to January 2017 show consistent trend of healthy growth".