The government has collected Rs 4.39 lakh during the first seven months of the current fiscal, according to a CBDT release.
The Central Board of Direct Taxes on Tuesday said that the provisional figures of Direct Tax collections up to October, 2017 stood at Rs. 4.39 lakh crore which is 15.2% higher than the tax collections for the corresponding period of last year. Further, CBDT said that Tax collections represent 44.8% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18.According to a recent press release, the government aims to mop up Rs. 9.8 lakh crore in direct taxes in FY-18.
“The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs 4.39 lakh crore which is 15.2 per cent higher than the net collections for the corresponding period of last year,” a finance ministry statement said.Gross collections (before adjusting for refunds) have increased 10.7 per cent to Rs 5.28 lakh crore during April- October, 2017. Refunds amounting to Rs 89,507 crore were issued during the seven month period.
In September this year, the government had asked the Income Tax Department to add 1.25 crore new return filers in the current financial year as part of the plan to widen the tax base in the country. The Central Board of Direct Taxes (CBDT), that makes policy decisions for the I-T department, has directed the taxman to undertake focused efforts to significantly increase the tax base in the current financial year of 2017-18, PTI reported. Between April 1 and August 5 this year, 2.79 crore e-returns of Individual taxpayers were received as against 2.23 crore e-returns received during the same period last year.