Indirect tax collections rise by 25% during April-December 2016

Direct tax collection up by 12.01%

by Natasha Nadkar

As per the Ministry of Finance, net indirect tax collections (with ARM) grew by 14.2 per cent y-o-y in December 2016. The growth rate in net collection of customs, central excise and service tax was -6.3 per cent, 31.6 per cent and 12.4 per cent, respectively during the month. The contraction in customs collection was on account of a decline of gold imports by 46 per cent (in volume terms) in December 2016 as compared to the previous year.

Net indirect tax collections recorded a rise of 25 per cent y-o-y to Rs.6.3 trillion during April-December 2016. Till December 2016, 81 per cent of the Budget Estimates of indirect taxes for 2016-17 has been achieved.

Net central excise collections rose by 43 per cent to Rs.2.8 trillion during April-December 2016 on a y-o-y basis. Net service tax collections grew by 23.9 per cent to Rs.1.8 trillion during the period. Net customs collections rose by 4.1 per cent to Rs.1.7 trillion.

Net direct tax collections rose by 12.01 per cent to Rs.5.5 trillion upto December 2016 on a y-o-y basis. During April-December 2016, 65.3 per cent of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

In terms of gross revenue collections, Corporate Income Tax (CIT) and Personal Income tax (PIT including STT) collections rose by 10.7 per cent and 21.7 per cent, respectively. However, after adjusting for refunds, the net growth in CIT collections was 4.4 per cent while that in PIT collections was 24.6 per cent. Refunds amounting to Rs.1.3 trillion have been issued during April-December 2016, which is 30.5 per cent higher than the refunds issued during the corresponding period last year.

References
1. http://pib.nic.in/newsite/erelease.aspx
CMIE STATISTICS
Unemployment Rate
Per cent
5.5 -0.1
Consumer Sentiments Index
Base September-December 2015
94.4 -0.4
Consumer Expectations Index
Base September-December 2015
96.2 -0.3
Current Economic Conditions Index
Base September-December 2015
91.4 -0.5
Quarterly CapeEx Aggregates
(Rs.trillion) Mar 16 Jun 16 Sep 16 Dec 16
New projects 3.31 1.54 2.34 1.42
Completed projects 2.26 0.90 2.15 0.76
Stalled projects 1.04 1.32 0.35 0.44
Revived projects 0.63 0.42 0.51 0.17
Implementation stalled projects 0.92 0.50 0.57 0.79
Updated on: 24 Feb 2017 12:20PM
Quarterly Financials of Listed Companies
(% change) Mar 16 Jun 16 Sep 16 Dec 16
All listed Companies
 Income -0.2 -0.9 2.1 6.4
 Expenses 0.9 -0.4 1.8 6.7
 Net profit -29.1 -3.5 15.3 36.4
 PAT margin (%) 4.9 6.9 7.0 6.0
 Count of Cos. 4,397 4,354 4,314 4,228
Non-financial Companies
 Income -2.1 -2.5 0.6 6.1
 Expenses -3.9 -2.9 -0.2 7.6
 Net profit 4.8 10.3 27.5 20.5
 PAT margin (%) 6.2 7.4 7.0 6.1
 Net fixed assets 3.8 -9.2
 Current assets 3.1 8.1
 Current liabilities 10.6 11.5
 Borrowings 6.7 3.1
 Reserves & surplus 7.9 8.6
 Count of Cos. 3,456 3,426 3,394 3,337
Numbers are net of P&E
Updated on: 24 Feb 2017 12:28PM
Annual Financials of All Companies
(% change) FY13 FY14 FY15 FY16
All Companies
 Income 11.9 9.3 4.3 0.2
 Expenses 12.1 9.2 4.3 0.3
 Net profit 1.0 -4.2 2.7 -12.1
 PAT margin (%) 3.6 3.2 3.3 3.4
 Assets 14.1 12.2 8.9 7.7
 Net worth 9.5 9.4 8.2 6.2
 RONW (%) 6.8 6.0 6.1 5.7
 Count of Cos. 23,087 20,259 18,916 14,317
Non-financial Companies
 Income 11.1 8.9 3.3 -1.1
 Expenses 11.4 8.6 3.4 -1.9
 Net profit -8.9 -5.6 -3.6 14.1
 PAT margin (%) 2.4 2.1 2.2 3.1
 Net fixed assets 12.9 11.3 12.3 10.8
 Net worth 7.7 8.3 6.6 5.0
 RONW (%) 5.4 4.8 4.8 6.1
 Debt / Equity (times) 1.1 1.1 1.1 1.0
 Interest cover (times) 2.0 1.9 1.9 2.1
 Net working capital cycle (days) 71 69 68 68
 Count of Cos. 17,721 15,860 14,813 11,415
Numbers are net of P&E
Updated on: 21 Feb 2017 3:48PM

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Low government spending and low consumer expectations to keep growth subdued

Modest increase in capital expenditure; no incentive to private players

Rs.5.34 trillion or 3.2% of GDP