Home News Reports Direct Tax collections exceed budget target, 26% more returns filed than previous financial year

Direct Tax collections exceed budget target, 26% more returns filed than previous financial year

The direct taxes collections for the financial year 2017-18 has exceeded the set target of Rs 9.8 lakh crores. Finance secretary Hansmukh Adhia has stated that the total direct taxes collected by the end of March in as the financial year 2017-18 is estimated at Rs 9.95 lakh crores. As per reports, Adhia has added that the GST revenue collections for the month of March stand at Rs 90,000 crores.

According to the official statement released by the Ministry of Finance, gross tax collections (before adjustment for refunds) has increased by 13% to 11.44 lakh crores, and refunds amounting to Rs 1.49 lakh crores have been issued for the financial year 2017-18.

By the end of December 2017, the net direct tax collections had reached up to 67% of the total budget estimates. The net direct tax collected till then was Rs 6.56 lakh crores. So achieving and exceeding the set budget target was expected.

- Ad - - article resumes -

The number of income tax returns filed in the 2017-18 financial year has also surpassed all previous records with numbers at 6.84 crores. The chairman of CBDT Sushil Chandra has stated that this is a 26% increase in the number of returns filed than the previous financial year. 5.43 crore returns were filed in the financial year 2016-17.

The CBDT chairman further added that a total of 99.5 lakh new assessees were added to the tax net. He further added that the collection of corporate tax has increased by 17.1% while the collection of personal income tax has increased by 18.9% as compared to the previous financial year.

The Ministry of Finance official statement attributes the significant increase in the number total returns filed and new returns filed to the sustained efforts by the Income Tax department by following up with potential non-filers through emails, SMS, statutory notices and outreach programmes as well as making structural changes in the existing norms and government’s emphasis on widening the tax net.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Big Story

Strange rumours are coming out of Kashmir. Shah Faesal, supposedly, is Doval's stooge.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

To Advertise on Opindia.com Click here

Here is why Prannoy Roy and Radhika Roy were stopped at the airport and were not allowed to leave the country

Radhika and Prannoy Roy of NDTV have said that they were not allowed to leave the country because of a concocted ICICI loan case. Read about that case in details

P Chidambaram finally arrested by CBI after officers scale wall of his residence as the gates were locked

Chidambaram arrested from his residence after he addressed a press conference at Congress office

Is Shah Faesal Ajit Doval’s asset? Unlikely, Swati Chaturvedi may be unwittingly helping the central government

Strange rumours are coming out of Kashmir. Shah Faesal, supposedly, is Doval's stooge.

Read full details of new FIR filed by CBI: Prannoy Roy, Radhika Roy and Vikram Chandra accused of criminal conspiracy, cheating and corruption

A new FIR has been filed by the CBI against Prannoy Roy, his wife, Radhika Roy, and former CEO of NDTV, Vikram Chandra in a case related to money laundering.

Poetic Justice: P Chidambaram falsely hounded Amit Shah and Narendra Modi, now he is on the run for his own transgressions

When P. Chidambaram was the Union Home Minister, Amit Shah was unceremoniously arrested and slapped with charges of murder, extortion, and kidnapping among others over the Sohrabuddin encounter case.

The Zomato controversy: Their business plan, the dispute and a dark tale of greed, exploitation and fear

The controversy stems from deep discounting, favouritism, monopolistic trade practices amongst others, creating a rift between the delivery platforms like Zomato and Restaurateurs
Hartosh Singh Bal resorts to factually incorrect details to target Amit Shah

Fact-Check: Unlike Chidambaram who tried to escape from law, Amit Shah resolutely faced trial and was acquitted

Hartosh Singh Bal equated P Chidambaram's disgraceful escape with Amit Shah's tenacity to face the law

Political Editor of The Hindu condones violence by Congress workers who beat up a man who shouted ‘Chidambaram Chor Hai’

Congress worker beats up a man for shouting 'Chidambaram Chor Hai', The Hindu Political Editor Nistula Hebbar shows excitement at the unruly behaviour.

All that Pakistan is left with is a war of misinformation: Here are the myths and propaganda about Kashmir

Pakistan has gone to the two of the most dangerous forces for support- A fanatic faith and cruel communism, latter being more fanatic than the former.

You are a glorified broker who takes all the credit for our product: Restaurateur rips Zomato apart in an open letter

'You are merely a delivery agency. It is not your product. Just do your job and deliver the food', restaurant owner writes to Zomato
Subscribe to Day's Top Stories
[newsletter_form type="minimal"]
- Advertisment -

Latest articles

Connect with us

181,117FansLike
171,921FollowersFollow
90,211SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post