Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
May 27, Saturday 2017 11:01 PM       

       HEADLINES: Slaughter ban: Youth organisations come out in strong protest                                              ATM robbery: Police got fingerprints, hints involvement of professionals                                              Slaughter ban: Pinarayi to send letter to PM Modi                                              RSS agenda of entering even kitchen shall not be encouraged: K Muraleedharan                                              Freedom subject to control: Vellapally supports slaughter ban                                              Despite being denied permission, Rahul leaves for Saharanpur                                              Brother hints Rajni‚Äôs political entry by July                                              Mishra lodges fresh allegations against Kejriwal                                              Tharoor files defamation suit against Arnab                                              Pak reopens Chaman Border crossing after 22 days                                              Chennai surfers dominate Day Two of 'Indian Open of Surfing'                                              Indian umpire Nitin Menon to officiate in English county                                              Kaumudi Facebook
       BUSINESS Next Article: Demonetisation just a bump; India to maintain 7% growth: Cisco  
       FM cites higher tax mop up to dismiss economic slowdown fears
 
         Posted on :21:37:20 Jan 9, 2017
   
A A
       Last edited on:21:37:20 Jan 9, 2017
         Tags: FM cites higher tax mop up to dismiss economi
 
NEW DELHI: Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley today said both direct and indirect tax collections have shown robust increase during the April-December period, indicating uptick in economic activity including manufacturing.
 
He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore.
 
Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal. Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore.
 
Indirect tax collection in December was up 14.2 per cent year-on-year, he said.
During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing.
 
Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down.
 
"Tax collection data is real and not an estimation," Jaitley said, while dismissing apprehensions of slowdown in following currency squeeze post demonetisation.
When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said.
 
"Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant," Jaitley said.
 
VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. "In my opinion, all well administered states have seen rise in VAT collection even in November," he said.
A A
       BUSINESS
Next Article: Demonetisation just a bump; India to maintain 7% growth: Cisco
 
 
BUSINESS HEADLINES
GST Bill unanimously approved in Tripura  
Modi effect: Sensex breaches 31,000-mark, Nifty nears 9,600  
Mizoram GST Bill passed unanimously  
Sensex sheds 206 pts on profit-booking  
RBI refuses to disclose list of loan defaulters  
Nifty pares initial gains, ends flat  
Maharashtra Assembly passes GST Bill  
GST is Modi Govt's 'biggest achievement': ASSOCHAM  
Exporters to get tax refund under GST within 7 days: Nirmala  
GST won't affect financial autonomy of local bodies: Maha govt  
GST: Fin Min warns industry against hiking prices arbitrarily  
GST Bill is going to be consumer friendly: Jaitley  
Sensex surges to record high in late morning trade  
AI starts direct flight between Delhi, Stockholm  
Paytm raises $1.4 bn funding from SoftBank  
Sensex dives 224 pts, Nifty cracks below 9500  
Sensex, Nifty extend bull run, hit record highs  
BSNL signs pacts with Facebook, MobiKwik  
Govt clears new coal linkage policy  
Markets conquer new peaks, Nifty scales 9,500  
Gold climbs by Rs. 55 on positive global leads  
11 PIOs in Forbes's list of best venture capitalists  
Digitisation will curb shadow economy, says Meghwal  
Snapdeal-Flipkart deal may leave staff richer by Rs 193 cr  
I-T dept launches facility to correct errors in PAN, Aadhaar  
 
Do you agree with Centre's ban on cattle slaughter across India?
Yes
 
No
 
No Opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy