Demonetisation and GST impact? Direct tax collections soar to highest in 7 years

The net direct tax collections for the financial year 2017-18 has crossed Rs 10 lakh crores, which is significantly higher than the set budget target of 9.8 lakh crores. The Ministry of Finance yesterday announced the figures for the net direct tax collections for the fiscal year 2017-18.

The direct tax collections have seen an 18% year on year growth which is the highest in the last 7 years, as per the data released by the Finance Ministry. The Ministry states that demonetisation has made a very positive impact on the level of tax compliance in the country.

Just after the financial year ended Fiance secretary Hansmukh Adhia had informed that the provisional figures are showing the estimated Direct Taxes collected at 9.95 lakh crores which was 17.1 % higher than the taxes collected in the 2016-17 financial year. The net figures have surpassed the estimates.

- Advertisement - - Article resumes -

The Finance Ministry has also stated that the robust growth in direct tax revenue in the years after demonetisation is an indicator of the positive impact of various tax policies of the government.

The Finance Ministry has also added that the growth in the revenue flow from Advanced Tax and self-assessment tax also has been exceptional. In the year 2017-18 the PIT (Personal Income Tax), Advanced Tax collections have increased by 23.4% and the PIT Self Assessment Tax has seen a 29.8% growth compared to the year 2016-17. In the last financial year too the growth rate for these two taxes were 26.1% and 25.6% respectively.

The Ministry has asserted that monetary policies and the measures taken by the Income Tax department have resulted in a major positive impact on direct tax payment by individual and non-corporate taxpayers. Here too, the ministry has emphasized the effect of demonetisation, adding that the subsequent use of bank deposit data by the I-T department has made a significant impact on voluntary tax payments.


Share This Post and Support:
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.


Most read articles recently

AAP propagandist tweets false claim about Adani Group, deletes due to fear of defamation

Earlier Delhi's Education Minister Manish Sisodia had also tweeted false claim about Adani Group

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel

BJP’s aggressive candidate list for 2019 election like a blizzard on Congress led by Rahul Gandhi

The boldness of BJP is apparent in that it has 21 present Union and ministers of state in the list, alongside the candidature of its party president, Amit Shah from Gandhinagar in Gujarat.

Watch: Embarrassment for Hardik Patel, crowd chants ‘Modi, Modi’ as he addresses a Holi event

Red-faced, Hardik Patel had to stop speaking and left the place soon after

‘Krantikari’ journalist Punya Prasun Bajpai sacked, again, this time from Surya Samachar

Punya Prasun Bajpai and his team of 25 had joined Surya Samachar last month

How Caravan and Congress’ attempts to create ‘bribegate’ before 2019 election fell flat

The 'bribegate' that Congress and The Caravan tried to cried falls flat on its face on several counts. 

The Wire journalist wishes Holi with ‘Bismillah’, devout Muslims say it’s against Islam

Celebrating Hindu religious festivals is not the only that triggers abuses and threats from Muslim radicals
Prakash Raj was welcomed with pro-Modi slogans in Bengaluru

Actor-turned-politician Prakash Raj greeted with pro-Modi slogans as he went to file his nomination

Prakash Raj seemed visibly miffed with a large number of Modi supporters welcoming him with pro-Modi slogans in Bengaluru

Jammu and Kashmir Police officer Imtiyaz Hussain claims his life being under threat after he exposed Pro-Pak Islamists and ‘journalists’

Jammu and Kashmir policeman reveals how certain 'journalists' work hand in glove with the enemies across the border in Pakistan

Netizens share hilarious ‘diary entries’ to mock Congress’ latest shoddy allegations against BJP

Congress shared photocopy of a handwritten note where they claimed Yeddyurappa signed diary entry incriminating himself

Latest articles

Connect with us

148,295FansLike
120,049FollowersFollow
30,961SubscribersSubscribe

Don't miss these


Share This Post and Support: