NEW DELHI: Finance Minister Arun Jaitley today expressed confidence that direct and indirect tax mop-up will surpass Budget estimate of Rs 16.3 lakh crore by March-end.
Jaitley had in his Budget for 2016-17 fiscal put gross tax revenue estimate at Rs 16.3 lakh crore, about 11 per cent higher than gross tax receipts of Rs 14.5 lakh crore for the previous fiscal.
“We will end this year with higher revenues both direct and indirect taxes, higher than budgeted. Not only are we going to reach the budget estimates, we will exceed the budget estimates both in direct tax and indirect tax this year,” he told reporters here.
In the Budget, he had estimated a 12.64 per cent growth in direct tax to Rs 8.47 lakh crore for 2016-17 and 10.8 per cent in indirect tax at Rs 7.79 lakh crore.
Indirect tax collections till November had shown a 26.2 per cent jump to Rs 5.52 lakh crore when compared with a year ago collections. This constituted 71.1 per cent of the Budget estimate. Central excise, customs and service tax make up for indirect tax kitty.
Direct tax collections, which are made up of individual income tax and corporate tax, has swelled to Rs 5.57 lakh crore between April 1-December 19 to meet 65 per cent of the Budget estimates. (AGENCIES)
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