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       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
   
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       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.
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       BUSINESS
Next Article: Demonetisation just a bump; India to maintain 7% growth: Cisco
 
 
BUSINESS HEADLINES
Right time to invest in India: Gadkari  
Autonomy impinged, protest RBI staff  
Will continue my association with TCS: Chandra to employees  
RBI may cut repo rate by 25 basis points in Feb: HSBC report  
SpiceJet strikes Rs 1.5 L cr deal with Boeing for 205 planes  
Retail inflation hits 3-year low of 3.41%  
TCS names Rajesh Gopinathan as MD and CEO  
Factory output grows 5.7 pc in Nov, shrugs off slowdown fears  
TCS Q3 net profit up 11% to Rs 6,778 cr  
Demonetisation, GST to make society tax compliant: Jaitley  
Patel urges govt to rein in borrowings, inflation  
GoAir firms up order for 72 A320 neo planes worth Rs 52,000 cr  
Nano project led to Gujarat as car mfg hub: Ratan Tata  
Yahoo Chief Mayer to leave company board after Verizon sale  
Auto sales at 16-yr low in Dec as demonetisation takes toll  
FM cites higher tax mop up to dismiss economic slowdown fears  
Demonetisation just a bump; India to maintain 7% growth: Cisco  
Volkswagen defies 'dieselgate' to boost sales in 2016  
'Despite demonetisation, India to grow faster than China'  
Apple cuts Tim Cook's pay as iPhone sales fall first time  
Govt clears 26% stake sale in BEML  
NRIs can deposit old banknotes till June 30  
Sensex ends 119 down after hitting 27k, IT stocks melt  
Reserve Bank unlikely to cut key rate in February: Report  
Gold maintains uptrend, hits 1-month high  
 
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