rupee tax collection indirect collection customs direct excise stt swachch bharat cess arun jaitley tweets finance ministry refund
An employee counts Indian currency notes at a cash counter inside a bank in Mumbai June 21, 2010 (representational image).Reuters file

In a series of tweets, the union finance ministry said on Monday that total tax collection has risen to just above 20 percent of budget estimates for the financial year 2016-17. The BSE Sensex crashed over 500 points on the first trading day of the week tracking global cues. 

Total tax collection (net) at the end of the five-month period ending August 31 stood at Rs. 5.25 lakh crore, buoyed by increase in both direct and indirect taxes.

Direct tax collection (net) at the end of August stood at Rs. 1.89 lakh crore, up 15.03 percent over the corresponding period last year and accounted for 22.3 percent of the budget estimates for the current fiscal.

Indirect tax collection (net), comprising service tax, customs duty, excise duty and securities transaction tax (STT), rose to Rs. 3.36 lakh crore, up 27.5 percent from the net amount collected in the corresponding period (five months) last fiscal. 

Service tax collection was up 23.2 percent at Rs. 92,696 crore, while central excise receipts rose 48.8 percent to Rs.1.53 lakh crore for the five-month period ended August 2016 from Rs. 1.03 lakh crore in the year-ago period last fiscal.

Sensex plunges over 500 points

The BSE Sensex crashed almost 550 points on Monday tracking global cues but later recovered and was trading at 28,405, down 392 points, or 1.36 percent. The heat map showed Tata Steel, Adani Ports, Axis Bank, State Bank of India and Hero Motocorp.

Asian stock markets showed weakness in the wake of concerns over rising bond yields and the possibility of the U.S. Federal Reserve increasing interest rates as early as next week.