New Delhi: Despite demonetisation, the government has beaten its tax collection target for 2016-17. The government collected Rs 17.10 lakh crore in taxes in 2016-17 which is a growth of around 18 per cent compared to last year.
The total revised tax revenue target for 2016-17 for combined direct and indirect taxes was Rs 16.97 lakh crore of which Rs 8.47 lakh crore was from direct taxes and Rs 8.5 lakh crore from indirect taxes.
It is important to note that Centre had raised its tax target from Rs 16.25 lakh crore set in the Union Budget to Rs 16.97 lakh crore in revised estimates.
As far as direct taxes are concerned revenue collections upto March, 2017 show a gross collection of Rs 10.09 lakh crore.
However, net collection after issue of refunds stands at Rs 8.47 lakh crore which is 14.2 per cent higher than the net collection for the corresponding period last year.
Refunds amounting to Rs 1.62 lakh crore have been issued by CBDT in 2016-17, which is 32.6 per cent higher than the refunds issued during the same period for 2015-16. This has substantially reduced the grievances of tax payers.
While the gross collection under corporate income tax (CIT) grew at 13.1 per cent during the year, the growth under personal income tax (PIT) including Securities Transaction Tax (STT) is 18.4 per cent. However, after adjusting for refunds, the net growth in CIT is 6.7 per cent while that in PIT is 21 per cent.
As far as indirect taxes are concerned, the government collection was Rs 8.63 lakh crore in FY 17, which is 22 per cent higher than FY16.
Till March 2017, about 101.35 per cent of the revised estimates of indirect taxes for 2016-17 has been achieved.
