Rs 14.60-lakh-crore tax collection for 2015-16 beats revised target

NEW DELHI: The government has achieved its tax revenue target for 2015-16, doing marginally better than even the upward revised estimates in the budget. Total tax collection during the financial year is pegged at Rs 14.60 lakh crore, which compares favourably with the revised target of Rs 14.55 lakh crore.

The budget for 2015-16 had provided for a tax collection of Rs 14.5 lakh crore. “The total collection has exceeded the RE (revised estimate) and represents a growth of 17.6% compared to the last financial year,” the finance ministry said in a statement. The indirect tax collections added to Rs 7.11 lakh crore,Rs 65,618 crore and Rs 9,885 crore more than budget and revised estimates respectively.

Increase in duties on oil and higher service tax boosted indirect tax collection 31.1% over receipts in 2014-15, making up for the marginal shortfall in direct tax collections. Direct tax collections were pegged at Rs 7.48 lakh crore, compared to the RE of Rs 7.52 lakh crore, a 7.61% rise over receipts in 2014-15.