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2017-18 Direct Tax Collection Exceeds Budget Expectations, Rises 17 Per Cent To Rs 9.95 Lakh Crore
Swarajya Staff
Apr 02, 2018, 07:21 PM | Updated 07:21 PM IST
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Direct tax collection in the just concluded fiscal year 2017-18 has exceeded the targets and budgetary expectations with a record Rs 9.95 lakh crore net tax collection, Income Tax (IT) officials said today (2 April).
Direct Tax collections (provisional) at Rs. 9.95 lakh crore exceed the Budget Estimates target for FY 2017-18.
— Income Tax India (@IncomeTaxIndia) April 2, 2018
Direct tax collections in 2017-18 stood at Rs 9.95 lakh crore, exceeding the revised budgetary target of Rs 9.8 lakh crore. Also, 6.84 crore income tax returns were filed in the year against 5.43 crore in the previous year signalling a rise of 26 per cent, CBDT Chairman Sushil Chandra told reporters.
A net of 99.5 lakh new assessees were also added to the tax net in the period.
The provisional figures of Direct Tax collections for FY 2017-18 show that net collections are at Rs.9.95 lakh crore which is 17.1% higher than the net collections for FY 2016-17.
— Income Tax India (@IncomeTaxIndia) April 2, 2018
Gross collections (before adjusting for refunds) in FY 2017-18 have increased by 13% to Rs.11.44 lakh crore. Refunds amounting to Rs.1.49 lakh crore have been issued during 2017-18.
— Income Tax India (@IncomeTaxIndia) April 2, 2018
CBDT chairman further said that net collection from corporate tax went up 17.1 per cent while that from personal income tax rose 18.9 per cent.
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