The Narendra Modi government released the tax collection data for the April-December 2016 period on Monday, showing buoyancy in both direct and indirect taxes. The data could debunk the rumours saying the economy took a hit in November-December due to demonetisation.
Direct taxes comprising corporate and personal tax rose 12.01 percent for the April-December 2016 period in comparison to the corresponding nine months in the previous fiscal while indirect taxes grew 25 percent, according to an update released by the finance ministry.
"The figures for direct tax collections up to December, 2016 show that net collections are at Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding period last year. This collection is 65.3% of the total Budget Estimates of direct taxes for F.Y. 2016-17.
"The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to December 2016 show that net revenue collections are at Rs 6.30 lakh crore, which is 25% more than the net collections for the corresponding period last year," the ministry said.
Within direct taxes, corporate tax collection rose 10.7 percent while personal income tax increased 21.7 percent.
On the indirect tax front, net excise duty collections were up 43 percent to Rs 2.79 lakh crore while service tax proceeds stood at Rs 1.83 lakh crore, an increase of 23.9 percent.
Customs duty collection stood at Rs 1.67 lakh crore, a rise of 4.1 percent.
These are the last set of tax collection data before the presentation of the budget on February 1 by finance minister Arun Jaitley.