Net FY18 direct tax collections up 17.1% at Rs9,95,000 cr; GST collections at Rs7,17,638 cr
03 April 2018
Net direct tax collections for the 2017-18 financial year rose 17.1 per cent year-on-year to Rs9,95,000 crore, provisional figures released by the finance ministry showed.
The net direct tax collections represent 101.5 per cent of the budget estimates (Rs9,80,000 crore) and 99 per cent of the revised estimates (Rs10,05,000 crore) of direct taxes for FY2017-18.
Gross collections (before adjusting for refunds) in FY2017-18 have increased by 13 per cent to Rs11,44,000 crore. Refunds amounting to Rs1,49,000 crore have been issued during 2017-18.
Net collection of corporate income tax (CIT) increased by 17.1 per cent while net collection of personal income tax (including STT) rose 18.9 per cent during the financial year.
However, the figures are as provisional and subject to change pending final collation of data of collections, the release said.
During the fiscal, a total of 68.4 million income tax returns (ITRs) were filed with the Income Tax Department compared to 54.3 million ITRs filed during FY2016-17, showing a growth of 26 per cent. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 37.9 million ITRs filed in FY 2013-14, the number of ITRs filed during FY 2017-18 stood at 6.84 crore – an increase of 80.5 per cent.
During FY 2017-18, the number of new ITR filers has also increased to 9.95 million (as of 30 March 2018) compared to 8.55 million new ITR filers added during FY 2016-17, which translates into a growth of 16.3 per cent.
The I-T Department made sustained efforts in following up with potential non-filers through email, SMS, statutory notices, outreach programmes, etc as well as through structural changes made in law besides the government’s emphasis on widening of tax net.
The revenue collection figures under GST, including CGST, SGST, IGST and cess for the eight-month period July 2017 – February 2018 paid in the period July 2017 – March 2018 stood at Rs7,17,638 crore.
Another Rs27,811 crore was collected as IGST and cess on imports in March.
The Department of Revenue has been releasing figures for revenue collection under GST usually the next day when settlement of IGST was done. The figures were normally released between 24-26 of the month.