For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Tax Collection In 2015-16 Exceeds Target By Rs 5,000 Crore

|

Helped by buoyancy in indirect taxes, the government managed to surpass the total tax collection target for 2015-16 by Rs 5,000 crore at Rs 14.60 lakh crore.

In the revised estimates, presented by Finance Minister Arun Jaitley in the Budget for 2016-17, the tax collection was pegged at Rs 14.55 lakh crore, higher than the original Budget estimate of Rs 14.45 lakh crore..

Tax Collection In 2015-16 Exceeds Target By Rs 5,000 Crore
 

While indirect taxes collections have exceeded revised estimates (RE) by Rs 9,885 crore, direct tax realisations fell short by Rs 4,000 crore over the RE.

"The actual collection (provisional) is Rs 14.60 lakh crore. The total collection has exceeded the RE and represents a growth of 17.6 per cent compared with the last financial year," a finance ministry statement said.

The indirect tax revenues worked out to Rs 7.11 lakh crore and direct tax collection came in at Rs 7.48 lakh crore.

The indirect tax revenue exceeded budget estimates (BE) for 2015-16 by Rs 65,618 crore and the RE by Rs 9,885 crore.

The collection represents a growth of 31.1 per cent over 2014-15. The direct tax collection, however, is lower than the RE of Rs 7.52 lakh crore. The realisation was 7.61 per cent higher than 2014-15 receipts.

PTI

Read more about: income tax
Story first published: Thursday, April 7, 2016, 9:43 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more