Tax collections rise to Rs 5.25 lakh crore between April-Aug 2016

 income tax, tax
The Centre’s tax receipts rose to Rs 5.25 lakh crore by end-August 2016. The data released by the Finance Ministry on Monday revealed that direct tax collections grew 15.03 percent up to August 2016 to amount to Rs 1.89 lakh crore of the net collection. While gross corporate tax collections rose by 11.55 per cent, the net collections dipped by 1.89 per cent after refunds. Net growth in personal income tax collections was buoyant at 31.76 percent.
The data showed that the net indirect tax kitty jumped up by 27.5 percent in August to amount to ₹ 3.36 lakh crore.
Net collections from central excise rose by 48.8 per cent to Rs 1.53 lakh crore during April-August, 2016. Net Tax collections on account of service tax during April-August grew 23.2 percent, 2016 stood at ₹Rs 92,696 crore. Net receipts from customs duty between April and August grew 5.07 percent to Rs 90,448 crore.
The Finance Ministry said that by August end 2016, 43.2 per cent of the Budget Estimates of indirect taxes for 2016-17 has been met while in the case of direct tax 22.3 percent of the full-year target has been achieved.
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