The Central Government's direct tax collections grew 24 per cent to £15.9 billion, in the first four months of the current fiscal, while mop up from indirect taxes increased by 29.8 per cent to £27.17 billion over the same period previous year. The finance ministry issued a statement saying indirect taxes grew on healthy growth in excise collections and direct taxes rose on high personal income tax mop up.
It said, "The figures for indirect tax revenue collections up to July, 2016 show that the net revenue collections are at £27.17 billion as compared to £20.92 billion for the corresponding period last year and thereby registering a growth of 29.9 per cent in the net collections." Till July 2016, 34.9 per cent of the budget estimates of indirect taxes and 18.82 per cent of the BE for 2016-17 has been achieved.
Central excise duty collection in the first four months of the fiscal grew 50.8 per cent to £12.32 billion as against £817.48 million collected in the same period last fiscal. Service tax revenue during April-July grew 25.8 per cent to £766.79 million as against £609.74 million collected last year, the statement said. Customs revenue collection in the period stood at £717.67 million as against £664.95 million collected last year. The total indirect tax collection in July stood at £683.41 million against £553.88 million earlier. Excise duty collection in July recorded a growth of 53.8 per cent to £317.82 million, while service tax mop up in the same month recorded growth of 25 per cent to £196 million.
