Tax collections to touchRs5,600-cr mark in 2015-16

Bhanu P Lohumi

Tribune News Service

Shimla, April 28

With tax collections crossing Rs 500 crore during March, the last month of the financial year 2015-16, the Excise and Taxation Department is set to touch Rs 5,600-crore mark, which is about Rs 420 crore more than the previous year collections of Rs 5,179.77 crore.

As per provisional figures for 2015-16, the total tax collections were Rs 5,574.13 crore and with addition of about Rs 30 to 40 crore after reconciling the collections, the total tax collection will safely breach Rs 5,600-crore mark, said Joint Excise and Taxation Commissioner KK Sharma.

The collection from VAT increased to Rs 3,937 crore from Rs 3,660 crore in 2014-15 while the revenue from excise increased from Rs 1,044 crore to Rs 1,137 crore.

The collection of other taxes and duties (OTD) increased marginally from Rs 365 crore to 372 crore and passenger and goods tax rose from Rs 110 crore to Rs 127 crore.

The department was expecting higher collections from VAT after the implementation of the GST, but it did not come. However, in spite of this, the collections from VAT were about Rs 277 crore more.

The government has substantially increased the targets by Rs 984 crore to Rs 6,558. 57 crore for 2016-17 with revenue from excise pegged at Rs 1,274 crore, from VAT Rs 4,715.67crore, PGT Rs 150.86 crore and OTD Rs 417,78 crore, an increase of Rs 136.53 crore, Rs 778 crore, Rs 23.60 crore and 45.65 crore, respectively.

With the income from the excise expected to increase from Rs 300 to 350 crore due to competitive bidding, the revised targets are achievable, said excise department officials.

There has been consistent increase in tax revenue which rose from Rs 606 crore in 2000-01 to Rs 1,222.70 crore in 2005-06 and further increased to Rs 2,274 crore in 2009-10, Rs 3,971 in 2012-13, Rs 5,971 crore in 2014-15 and Rs 5,574.13 crore (provisional) in 2015-16.