NEW DELHI: Indirect tax collection was up by 10.6 pct to Rs 3.77 lakh crore while the indirect tax collection jumped by 26.7 pct to Rs 4.85 lakh crore during the April to October period this year, an official statement said on Wednesday.
"The figures for direct tax collections up to October 2016 show that net collections are at Rs 3.77 lakh crore which is 10.6 pct more than the net collections for the corresponding period last year," the Finance Ministry said in a statement.
The collection up to October 2016 indicates that 44.5 pct of the annual budget target of direct taxes has been achieved, it said.
Refunds amounting to Rs 93,836 crore have been issued during April-October 2016, which are 32.2 pct higher than the refunds issued during the corresponding period last year, it added.
On indirect tax collection, the Finance Ministry statement said: "The indirect tax collections (central excise, service tax and customs) up to October 2016 show that net revenue collections are at Rs 4.85 lakh crore which is 26.7 pct more than the net collections for the corresponding period last year."
The collection up to October 2016 indicates that 62.4 pct of the annual budget target of indirect taxes has been achieved, it said.
"As regards central excise, net tax collections stood at Rs 2.14 lakh crore during April-October, 2016 as compared to Rs 1.47 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 45.4 pct," the statement said.
Net tax collections on account of service tax during April-October, 2016 stood at Rs 1.43 lakh crore as compared to Rs 1.12 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 26.9 pct, it said.
The tax collections on account of customs during April-October 2016 stood at Rs 1.27 lakh crore as compared to Rs 1.22 lakh crore during the same period in the previous financial year, thereby registering a growth of 4.1 pct, it added.
Read Also:
Final GST Rates Announced: How will it Alter Your Lifestyle?
FDI In India Rises 30 Pct To $21.6 Bn In April-September
