Direct tax collections up 15.2% at Rs4,39,000 cr in April-October 2017-18

Net collection of direct taxes for the April-October period of the current financial year (2017-18) stood at Rs4,39,000 crore, showing an increase of 15.2 per cent from the collections for the same period last year, provisional figures  released by the Central Board of Direct Taxes showed.

''The provisional figures for direct tax collections up to October 2017 show that net collections are at Rs4.39 lakh crore, which is 15.2 per cent higher than the net collections for the corresponding period of last year,'' the Finance Ministry said in a statement.

Net direct tax collections represent 44.8 per cent of the total budget estimates of Rs9.8 lakh for the 2017-18 financial year.

Gross collections (before adjusting for refunds) have increased by 10.7 per cent to Rs5.28 lakh crore during April-October 2017. Refunds amounting to Rs89,507 crore have been issued during April 2017 to October 2017.

Finance minister Arun Jaitley on Tuesday expressed confidence that demonetisation taken a year ago will lead to greater tax compliance.

''The exercise to remove the anonymity with currency has further yielded results in the form of 56 lakh new individual tax payers filing their returns till August 5, 2017 which was the last date for filing return for this category; last year this number was about 22 lakh,'' he said.

He said that self-assessment tax (voluntary payment by tax payers at the time of filing return) paid by non-corporate tax payers increased by 34.25 per cent during April 1 to August 5 in 2017 when compared to the same period in 2016.

''With increase in tax base and bringing back undisclosed income into the formal economy, the amount of advance tax paid by non-corporate tax payers during the current year has also increased by about 42 per cent during April 1 to August 5,'' Jaitley said.

He also pointed out that leads gathered due to data collected during the demonetisation period have led to identification of 2.97 lakh suspect shell companies.