<p>Helped by a double digit growth in excise and service tax revenues, the Centre’s net tax collection for 2016-17 rose 18% to Rs 17.10 lakh crore, which is a six-year high.<br /><br />The Ministry of Finance said the total tax receipts for 2016-17 were higher than the revised estimates of Rs 16.97 lakh crore made in the Budget presented on February 1 this year. <br /><br />The provisional figures for direct tax collections up to March 2017 show that net collections are at Rs 8.47 lakh crore, which is 14.2% more than the net collections of the corresponding period last year.<br /><br />The growth in tax revenues come even after a temporary cash crunch propelled by the government's decision to withdraw high denomination currency in November last year. <br />Officials said the rise in tax revenues bolster the chances of Finance Minister Arun Jaitley reigning in the fiscal deficit at targeted 3.5% for 2016-17. <br /><br />There were apprehensions that demonetisation will have an adverse impact on tax and non-tax revenues. <br /><br />Central excise duty collection grew 33.9%, and service tax collection were up 20.2% in 2016-17. Customs duty grew 7.4%. This was despite economy slowing at 7.1%. Officials said a crackdown on black money may have led to better tax compliance.<br /><br /> Net personal income tax collections after refunds grew at 21% and net corporate tax receipts grew at 6.7%, according to a finance ministry data.</p>
<p>Helped by a double digit growth in excise and service tax revenues, the Centre’s net tax collection for 2016-17 rose 18% to Rs 17.10 lakh crore, which is a six-year high.<br /><br />The Ministry of Finance said the total tax receipts for 2016-17 were higher than the revised estimates of Rs 16.97 lakh crore made in the Budget presented on February 1 this year. <br /><br />The provisional figures for direct tax collections up to March 2017 show that net collections are at Rs 8.47 lakh crore, which is 14.2% more than the net collections of the corresponding period last year.<br /><br />The growth in tax revenues come even after a temporary cash crunch propelled by the government's decision to withdraw high denomination currency in November last year. <br />Officials said the rise in tax revenues bolster the chances of Finance Minister Arun Jaitley reigning in the fiscal deficit at targeted 3.5% for 2016-17. <br /><br />There were apprehensions that demonetisation will have an adverse impact on tax and non-tax revenues. <br /><br />Central excise duty collection grew 33.9%, and service tax collection were up 20.2% in 2016-17. Customs duty grew 7.4%. This was despite economy slowing at 7.1%. Officials said a crackdown on black money may have led to better tax compliance.<br /><br /> Net personal income tax collections after refunds grew at 21% and net corporate tax receipts grew at 6.7%, according to a finance ministry data.</p>
