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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.

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.

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