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.
The impact of demonetisation and GST implementation has resulted into higher formalisation of economy. This is further substantiated by filing of more than 1 crore IT returns by tax payers during FY 2017-18 (6.84 Cr ITRs) in comparison to FY 2016-17 (5.43 Cr ITRs).— Arun Jaitley (@arunjaitley) April 3, 2018
Direct tax collections for FY 17-18 has been ₹10,02,607 Cr (18% higher than previous year). The data reveals the efficiency of tax Dept.& rise in no. of honest tax payers. This historical revenue receipt is a factual testimony of accountable governance under PM @narendramodi ji.— Arun Jaitley (@arunjaitley) April 3, 2018
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