Demonetisation impact: Direct, indirect tax collections in November drop

Direct tax collections in the month of November stood at Rs 35,000 crore, a drop of 30% from Rs 50,000 crore in October, Ministry of Finance data show. Indirect tax collections in the given month also dropped 13.9%. 

Up to the month of November this year (i.e. April-November), direct tax collected was Rs 4.12 lakh crore. However, direct tax collected during April 2016 to October 2016 period was Rs 3.77 lakh crore. This shows the direct tax collected last month was Rs 35,000 crore.

Similarly, during April-September 2016 period, direct tax collection was Rs 3.27 lakh crore. Which means, the tax collected in the month of October was Rs 50,000 crore. 

The Central Board of Excise and Customs (CBEC), also released indirect tax collection data. 

As per the data, during November 2016, net indirect tax (with ARM) declined by 13.9% as compared to October, 2016.

"The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to November 2016 show that net revenue collections are at Rs 5.52 lakh crore, which is 26.2% more than the net collections for the corresponding period last year. Till November 2016, 71.1% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved", CBEC said.