Finance Minister Arun Jaitley addressed a press conference in New Delhi on Monday. The finance minister issued the details of tax revenue collection in the first three quarters of Financial Year 2016.
Earlier on Sunday, Jaitley had written an article on Facebook to defend demonetisation and budget. The Narendra Modi Government had absolute clarity from day one that it would move against the shadow economy and black money,” FM Jaitley wrote in his article.
Refuting the Opposition’s allegation regarding Budget dates, Jaitley said the date for presenting the budget was decided much earlier, before the announcement of Punjab polls and it would be wrong to say the date was fixed keeping Punjab elections in view.
Here are the excerpts from his address:
#Central Excise net tax collections stood at Rs 2.79 lakh crore during April-Dec, 2016 compared to Rs 1.95 lakh crore during April-Dec 2015.
#Till December 2016, about 81% of the Budget Estimates of indirect taxes for the Financial Year 2016-17 has been achieved.
#This Net Indirect Tax Revenue Collections during April-December,2016 is 25% more than net collections for the corresponding period last year
#Direct taxes for the first 3 quarters has moved up, indirect taxes significantly moved up: FM Arun Jaitley
#Net Direct Tax collections during April-Dec,2016 stood at Rs 5.53 lakh crore i.e. 12.01% more than the net collections for April-Dec.2015.
#Net Indirect tax revenue collections (Central Excise, ServiceTax and Customs) for the period April-December 2016 stood at Rs 6.30 lakh crore
#Advance Tax, in case of Corporate Income Tax, is growing at 10.6% while in case of Personal Income Tax, it has registered a growth of 38.2%
#After accounting for 3rd instalment of advance tax received in Dec,2016, collections stood at Rs 2.82 lakh crore, which is 14.4% higher.
#Growth rates in terms of gross revenue collections for Corporate Income Tax is 10.7% while for Personal Income Tax including STT is 21.7%.
#Net Direct Tax collections during April-Dec,2016 stood at Rs. 5.53 lakh crore i.e. 12.01% more than the net collections for April-Dec 2015.
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