Despite a slowing world economy that severely affected India’s exports, the centre was able to achieve the tax collection target for the financial year 2015-16.
Central government collected Rs 14.60 lakh crore in taxes against the revised target of Rs. 14.55 lakh crore in the last fiscal.
The tax buoyancy is namely on account of indirect taxes as the government was able to mop up more excise tax on retail sale of petrol and diesel.
The government revised excise duty on petroleum products 7 times to take advantage of falling crude prices.
The total collection has exceeded the revised estimates and represents a growth of 17.6% compared to the last financial year.
The Indirect Tax revenue (provisional) collections stand at Rs 7.11 Lakh Crore and has exceeded the BE and RE by Rs 65,618 Crore and Rs 9,885 Crore respectively. This represents a robust growth of 31.1% over revenue receipts in 2014-15.
The Direct Tax revenue collections on provision basis stand at Rs 7.48 Lakh crore which is lower than the revised estimate of Rs 7.52 Lakh Crore. This represents a growth of 7.61% over the receipts in 2014-15.
