Tax collections soared in April-November period despite note ban: Arun Jaitley
Countering claims that the note ban had a negative impact on the Indian economy, Finance Minister Arun Jaitley on Monday said that the tax collection has gone up in nine months from April 2016 to December 2016, indicating a robust gain despite demonetisation.
The move comes a day after Jaitley asserted that the India’s economy is getting back to normal after two months after the announcement of demonetisation drive.
“Overall increase in indirect taxes for the month of April to Dec '16 compared to same figures last year is 25 per cent,” said Jaitley.
Here are the key announcements made by Arun Jaitley:
1. Citing tax figures, FM Jaitley said that the collection in central excise duty, which related to manufacturing, surged over 31 per cent in December 2016 alone, as compared to December 2015 figures.
2. From April to December 2016, the increase in direct tax is 12 per cent and that in indirect tax is 25 per cent over the corresponding period last year, i.e. April-December 2015.
3. In December 2016 compared to last December, the customs has actually declined, it is - 6.3 per cent.
4. Direct taxes for the first 3 quarters has moved up, indirect taxes significantly moved up, Jaitley says.
5. Compared to November 2016, the growth of Indirect Tax in December 2016 is 12.8%: FM Jaitley
6. For most States VAT collections have increased, said Jaitley.
7. On petrol pump transaction fee issue, Jaitley said, “We're discussing the issue,have asked Secy DEA to discuss issue with banks,Petroleum Min is also in touch”.