Direct Tax Collection Stands at Rs 8.47 Crore in FY 16-17

Direct tax collections in fiscal 2016-17 stood at Rs 8.47 lakh crore, 14.2 per cent more than the net collections last year. Indirect tax collections (Central Excise, service tax and Customs) in FY17 came in at Rs 8.63 lakh crore, 22 per cent more than the actual revenue receipts in 2015-16.

The total tax revenue target in the revised estimates for 2016-17, for both direct and indirect taxes, was Rs. 16.97 lakh crore, a Finance Ministry statement said, adding that this was higher than the government’s budgeted estimate of Rs. 16.25 lakh crore for the fiscal. The tax income to the government stood at Rs. 17.10 lakh crore, beating the revised target of last year by 18 per cent.