The collection of Direct and Indirect Taxes in the country has exceeded target by 18 per cent in 2016-17. According to Ministry of Finance, the provisional figure of total tax collections in 2016-17 is 17.10 Lakh Crore rupees as against revised target of 16.97 Lakh Crore rupees.
The figure is highest in last six years. Direct tax collections upto March, 2017 stood at 8.47 lakh crore rupees which is 14.2 per cent more than net collections for corresponding period last year. Indirect tax collections in financial year 2016-17 stood at 8.63 lakh crore rupees. It is is 22 per cent higher than the actual revenue receipts in financial year 2015-16. The net personal income tax growth is at 21 per cent over last year.
