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India’s indirect tax collection rises 25% in Q3 of FY17

India’s indirect tax collection rises 25% in Q3 of FY17

NEW DELHI: India’s indirect tax collections grew 25 percent in the first three quarters of financial year 2017, compared to the same period last year, said Finance Minister Arun Jaitley. This data was keenly awaited as it factors in the impact of demonetisation on the economy, specially the manufacturing and services sectors, which are expected to bear the brunt of the cash crunch.

Direct tax collections over the April-December period rose 12.01 percent compared to the same period last year. Gross revenue collections for corporate income tax stood at 10.7 percent year-on-year while personal income tax including securities transaction tax was at 21.7 percent compared to the year ago period.Indirect tax collections in December grew 12.8 percent compared to the previous month in 2016. Advance tax collections stood at Rs 2.82 lakh crore, a growth 14.4 percent compared to the previous year.