Government Collects Nearly 80% of Budgeted Indirect Tax Till Nov. 30
The government has collected about 80 percent of the budgeted target for indirect taxes for fiscal 2017-18.
The indirect tax mop-up stood at 7.35 lakh crore as of Nov. 30 versus its full-year target of Rs 9.27 lakh crore, Minister of State for Finance Shiv Pratap Shukla informed Parliament today.
Of this, Rs 3.68 lakh crore was collected as Goods and Services Tax while the remaining 3.67 lakh crore was collected through excise, customs and service tax levied by the government prior to the implementation of new indirect tax regime. Customs duty is levied on imports under GST as well.
In the same period last year, the government had mopped up Rs 5.52 lakh crore as net indirect taxes.
In a separate response in the Lok Sabha, Shukla said the Centre has compensated states for an estimated revenue loss of Rs 24,500 crore in the July-October period on account of GST. Karnataka suffered the heaviest loss at Rs 3,271 crore.
Direct Tax Mop-Up At 66% Of Target
The direct tax mop-up stood at 66 percent of the budgeted target as of Dec. 18. The government collected Rs 6.49 lakh crore versus the budget target of 9.8 lakh crore, Shukla informed Parliament.
Of this, 3.72 lakh crore was by way of corporate tax, while 2.65 lakh crore was personal income tax. The collection also includes payment of instalments through government’s voluntary tax disclosure schemes—Income Disclosure Scheme and Pradhan Mantri Garib Kalyan Yojana—of Rs 11,288 crore.
The government had collected Rs. 4.12 lakh crore in as net direct taxes in the same period last year.