Indirect tax collections registers 30% growth upto July 2016

Indirect tax collections has registered a large growth of nearly 30% upto July 2016. The figures for indirect tax revenue (provisional) collections upto July, 2016 show that the net revenue collections are at Rs 2.71 lakh crore as compared to Rs 2.09 lakh crore for the corresponding period last year and thereby registering a growth of 29.9% in the net collections.

Till July, 2016, 34.9 % of the Budget Estimates of indirect taxes for FY 2016-17 has been achieved, according to the Minister of Finance.

During the month of July the total indirect tax collections had increased by 23.4% as it stood at Rs 68,341 crore in July 2016 from Rs 55,388 crore in the same month a year back.

Tax collections on account of Central Excise stood at Rs 31,782 crore in month of July 2016 as compared to Rs 20,658 crore during the same period in last year and thereby registering a growth of 53.8% in this period.

Total collections on account of Central Excise during the first four months of current FY 2016-17(April 2016-July 2016) stood at Rs 1.23 lakh crore as compared to Rs 81,748 crore during the same period in last Financial Year and thereby registering the growth of 50.8%.

Service Tax collections registered a 25% growth during the month as it increased to Rs 19,600 crore in month of July 2016 as compared to Rs 15,685 crore during the same period in last year.

Total collections on account of Service Tax during the first four months of current FY 2016-17(April 2016-July 2016) stood at Rs 76,679 crore as compared to Rs 60,974 crore during the same period in last Financial Year and thereby registering the growth of 25.8%.

However, customs tax collections declined by 11% during the month. During July 2016 it stood at Rs 16,959 crore as compared to Rs 19,045 crore during the same period in last year (July 2015). Total collections on account of Customs during the first four months of current FY 2016-17 (April 2016-July 2016) stood at Rs 71,767 crore as compared to Rs 66,495 crore during the same period in last Financial Year and thereby registering the growth of 7.9%.