The Centre’s net tax collection jumped to ₹13.87 lakh crore by February end, providing the government some legroom to meet the fiscal deficit target.

The latest tax figures amount to 81.5 per cent of the revised target of ₹16.99 lakh crore for 2016-17.

Indirect tax collections, at ₹7.72 lakh crore, registered a growth of 22.2 per cent, with 90.9 per cent of the full-fiscal target being met, Finance Ministry data said.

Meanwhile, direct tax collections rose 10.7 per cent to stand at ₹6.17 lakh crore. “This amounts to 72.9 per cent of the total Budget Estimates for Direct Taxes for 2016-17,” the statement from the Central Board of Direct Taxes said.

While personal income tax collections were buoyant — an indication of more disclosures post demonetisation — the corporate tax mop-up was muted. Though gross receipts from corporate income tax rose 11.9 per cent, net collections rose a mere 2.6 per cent up to February 2017.

At the same time, gross personal income tax collections jumped 20.8 per cent and net collections rose 19.5 per cent.

Refunds up 40% Refunds worth ₹1.48 lakh crore were also issued between April 2016 and February 2017, which is 40.2 per cent higher than the corresponding period last year.

Much of the buoyancy in indirect tax receipts came from the higher duties on fuel. Accordingly, excise duty collections shot up 36.2 per cent to ₹3.45 lakh crore during the period.

Service tax collections rose by 20.8 per cent to ₹2.21 lakh crore. Net receipts from customs duty grew 5.2 per cent to ₹2.05 lakh crore.

In February, net indirect taxes grew 8.4 per cent.

Related Topics