Government exceeds 2016-17 tax collection target by 18%

The central government on Tuesday reported a total tax collection of Rs 17.10 lakh crore during 2016-17 — an increase of 18 per cent over 2015-16.

“Total tax revenue targets of the revised estimates for 2016-17 for both direct and indirect taxes was Rs 16.97 lakh crore of which Rs 8.47 lakh crore was for direct tax and Rs 8.5 lakh crore from indirect tax,” the Ministry of Finance said in a statement.

“As against the revised estimate, the provisional figure of tax collection is Rs 17.10 lakh crore, which is a growth of around 18 per cent compared to last year.”

According to the ministry, direct tax collections till March, 2017 stood at Rs 8.47 lakh crore, representing a growth of 14.2 per cent from the net collections during the corresponding period of 2015-16.

“Net direct tax collections stand at Rs 8.47 lakh crore which shows 100 per cent achievement for F.Y. 2016-17,” the statement said.

The ministry pointed out that indirect tax collections, which include central excise, service tax and customs, rose by 22 per cent to Rs 8.63 lakh crore.

“Till March 2017, about 101.35 per cent of the revised estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved,” the statement added.