Jaitley cites higher tax mop up to dismiss economic slowdown fears


New Delhi, Jan 9 (PTI): 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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Comment on this article

  • Vincent Rodrigues., Frazer Town,Bangalore

    Tue, Jan 10 2017

    He is the Finance Minister need to give reasons to defend the wrong steps of the government with almost zero return

    DisAgree Agree [1] Reply Report Abuse

  • SMR, Karkala

    Mon, Jan 09 2017

    If lawyer made Finance minister he will can only make 'Sach ka jhoot,jhoot ka sach'.

    When soldiers can sacrifice their lives on borders why can't common have patience.After all it is short pain.

    This why Maun Mohan singh is far better economist than 'mann ki baat'.

    Jai Hind

    Jai Hind

    DisAgree Agree [2] Reply Report Abuse

  • Amith, udupi

    Mon, Jan 09 2017

    if you make a lawyer the finance minister ..he will defend the rape of the nation too

    DisAgree Agree [1] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Mon, Jan 09 2017

    I have stopped trusting BJP figures ..

    DisAgree [2] Agree [25] Reply Report Abuse

  • vasu, mangalore

    Mon, Jan 09 2017

    When did you ever trust them??.
    Stop treating every small issue as though it was a turning point in your perception about this government.Your opinion about Modi will never change -he does good or not doesnt matter

    DisAgree [10] Agree [1] Reply Report Abuse

  • Prasad, Mangalore

    Mon, Jan 09 2017

    Vasu

    So far there is no good thing only price rise..difficult for common people

    DisAgree Agree [2] Reply Report Abuse

  • Jacob Mendonsa, Melbourne/Australia

    Mon, Jan 09 2017

    Service tax increase of 23.9% due to the increase of service tax from 12.36% to 15% applied to the tax payers after BJP came to power in the Centre. What is the Great achievement he is talking about?

    DisAgree [2] Agree [34] Reply Report Abuse

  • vasu, mangalore

    Mon, Jan 09 2017

    When service tax increases consumption decreases.So SO So
    if the service tax is increased from 12 to 15 and then you have a increase in collection,that is good for the economy.Even if iam right you will not agree.So why even debate

    DisAgree [9] Agree [2] Reply Report Abuse

  • Orton, Mangalore

    Mon, Jan 09 2017

    There is a dictator behind the Presentation of Finance Statements.
    Jaitlyji you are FM only for name sake.

    DisAgree [5] Agree [46] Reply Report Abuse

  • Abhijit, M'lore

    Mon, Jan 09 2017

    Dictator is 100% better than having a mute puppet PM.

    DisAgree [30] Agree [6] Reply Report Abuse

  • Mukesh, Mangalore

    Mon, Jan 09 2017

    Jaitley name itself says jhootley

    DisAgree [3] Agree [31] Reply Report Abuse

  • vasu, mangalore

    Mon, Jan 09 2017

    Stop thinking about names dear.He can be any tom dick or harry.Please comment about his policies.

    DisAgree [8] Agree [1] Reply Report Abuse

  • Chintan, Mangalore

    Mon, Jan 09 2017

    Tumein mirchi lagi toh main kya karoon

    DisAgree Agree [2] Report Abuse

  • Gangaram, Moodbidri

    Mon, Jan 09 2017

    If demonetisation increased the direct and indirect tax, then lets do it again so you will gain more and more.

    DisAgree Agree [23] Reply Report Abuse

  • abdulla, india

    Mon, Jan 09 2017

    If the idea is to curb CORRUPTION..FAKE..HAWALA.. inflation.. artificial economy .. etc.
    Then the nation is standing by PMModi ..who had the GUTS to BELL THE CAT... DIRECTLY...
    Important is let the LAW be same to AMBANIS till the beggar on streets if any?
    No dual policies...
    Now let there be total DIGITIZATION...
    Cshless.. economy.
    2/ Unearth the hidden Gold..jewellery... treasure.. precious stones well hidden since Independence under their own Temples and Prayer Rooms..
    3/ Let every inch of ill gotten wealth in property. under name of the Families be exposed...
    re registered..
    use GOOGLE EARTH.. and total
    fool proof. registration .
    Property value decided by the Govt..
    4/ All who evaded to pay TAXES...
    should all be PUNISHED by Law.
    like in USA..
    Let the Laws be Loud and clear...
    no one is above LAW.
    PMModi is serious....
    Let him USHER Golden economy for the nation...
    SONE KI CHIDIYA = India
    But every one to be prosperous not few.
    Catch AMAR SINGH and co...
    Al Cow belt.. guys..

    DisAgree [4] Agree [19] Reply Report Abuse


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