The government has exceeded the tax collection estimates for 2016-17 fiscal at ₹17.10 lakh crore.
The revised estimates (RE) provided in Budget on February 1 had projected tax collections of ₹16.97 lakh crore.
The Finance Ministry in a statement said that tax collection of ₹17.10 lakh crore is a growth of around 18% compared to last year.
Revenue Secretary Hasmukh Adhia said, “Total net tax revenue grows at 18% to ₹17.10 lakh crore, highest in last 6 years.”
While direct tax mop up during the April-March period grew 14.2% at ₹8.47 lakh crore, indirect tax kitty swelled by 22% over last year to ₹8.63 lakh crore.
Net direct tax collections at ₹8.47 lakh crore shows 100% achievement for RE of 2016-17.
Indirect tax collection till March 2017 is 101.35% of the RE for 2016-17 fiscal. The RE was pegged at ₹8.5 lakh crore.
In terms of gross revenue collections, the growth rate in corporate tax was 13.1% while that of personal income tax was 18.4%.
However, after adjusting for refunds, the net growth in corporate tax collections is 6.7% while that of personal I-T collections is 21%.
Refunds amounting to ₹1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6% higher than the refunds issued during FY 2015-16, the statement added.
As regard indirect taxes, Central Excise collections grew 33.9% to ₹3.83 lakh crore during 2016-17.
Service tax mop up rose 20.2% to ₹2.54 lakh crore, while customs collections grew 7.4% to ₹2.26 lakh crore.
