#Demonetization Impact: 15.2% surge in Direct Tax Collections; reach to Rs 4.39 lakh Cr till October

NewsBharati    08-Nov-2017
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New Delhi, November 8: Direct tax collection has increased by 15.2 percent during April to October this year as compared to the corresponding period of last year. The government has collected 4.39 lakh crore rupees during the first seven months of the current fiscal.

The provisional figures released by the Central Board of Direct Taxes showed, the collection, which includes personal income tax and corporate tax, represents 44.8 per cent of the total budget estimates in direct taxes for 2017-18.

In a statement, Finance Ministry said the gross collections have increased by 10.7 per cent to 5.28 lakh crore rupees during April-October 2017. Refunds amounting to 89,507 crore rupees were issued during the seven month period.

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 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.

Direct tax collection Tax Income Tax Economy GDP Good Governance Development Advance tax Finance Ministry