Tax receipts at Rs.14.6 lakh cr, exceeds estimates

The government collected Rs.14.6 lakh crore in taxes in financial year 2015-16, which is higher than the Budget Estimates and Revised Estimates for the year.

The government data shows that the bulk of the growth in total tax revenues was due to the increase in indirect tax collections. Indirect tax revenue in FY 2015-16 stood at Rs.7.11 lakh crore, which is higher than the BE and RE by Rs.65,618 crore and Rs.9,885 crore, respectively.

Indirect tax collections were 31.1 per cent higher than in the previous financial year.

Direct tax collections grew 7.6 per cent in the fiscal year 2015-16 to Rs 7.48 lakh crore, marginally lower than the RE of Rs 7.52 lakh crore.

“The aggregate Budget Estimates (BE) for total direct and indirect tax revenues for the fiscal year 2015-16 was Rs 14.45 lakh crore, which was revised to Rs 14.55 lakh crore. The actual collection (provisional) is Rs 14.60 lakh crore,” the government said in a statement on Wednesday.

“The total collection has exceeded the revised estimates and represents a growth of 17.6 per cent compared to the last financial year,” according to the statement.

The realisation was 7.61 per cent higher than 2014-15 receipts, according to the statement. #casasansaar (PTI)