Direct Tax Collections Rise 18% To Rs 10 Lakh Crore In 2017-18: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday said direct tax collections were at Rs 10,02,607 crore for financial year 2018-17. With that, direct tax collections - including income tax and corporate tax - grew over 18 per cent from Rs 8.47 lakh crore in fiscal year 2016-17. The finance minister said the impact of demonetisation as well as implementation of GST (Goods and Services Tax) led to "higher formalisation of economy". That was further substantiated by filing of more than one crore new income tax returns (ITRs) by taxpayers during financial year 2017-18, the finance minister further said on microblogging site Twitter.