Direct tax collection surges by 17% to 9.95 lakh crore rupees in FY18

New Delhi, April 3: The Direct Tax collections for the fiscal year 2017-18 stood at 9.95 lakh crore rupees, which is 17.1 percent higher than net collection of 2016-17. The tax collections during the fiscal year 2017-18 has exceeded the budget estimates of 9.80 lakh crore rupees.

On GST Collections, the Finance Secretary Hasmukh Adhia said, the collections till March end of this year stood at around 90,000 crore rupees. Adhia also said, the roll out of the e-way bill system has been very successful and no glitches were reported in its implementation.

According to data released by finance ministry, during FY 2017-18, 6.84 crore Income Tax Returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, showing a growth of 26%. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 3.79 crore ITRs filed in FY 2013-14, the number of ITRs filed during FY 2017-18 (6.84 crore) has increased by 80.5%.

Meanwhile, the GSTN chief Ajay Bhushan Pandey stated that around 2.59 lakh e-way bills have been registered following the implementation of the system.

"We are very happy that although it (e-way bill) took 2 months to be perfected before rollout, there have been no glitches reported so far. We will soon be announcing which are the states that will come under the intra-state bill," Pandey said.

The GST council on Friday said that businesses and transporters who'll be moving goods Rs 50,000 or above from one state to another will have to carry an electronic, or e-way bill commencing April 1.