Big boost to Modi government as direct tax collection exceeds budgetary target in FY18

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Published: April 2, 2018 6:09:00 PM

In a major boost to the government, the direct tax collection exceeded the revised budgetary target in the FY18.

7th pay commission, 7th pay commission latest news today 2018, 7th pay commission latest updates, 7th pay commission news, 7th pay commission matrix, 7th pay commission salary increase, 7th pay commission latest news, 7th pay commission narendra modi, 7th pay commission arun jaitleyA growth of 17.1 percent was recorded in net corporate tax growth. (Reuters)

In a major boost to the government, the direct tax collection exceeded the revised budgetary target in the FY18. “Direct tax collections in 2017-18 at Rs 9.95 lakh crore, exceeded the revised budgetary target of Rs 9.8 lakh crore for FY18. Also, 6.84 crore income tax returns filed in the year against 5.43 crore in the previous year,” CBDT Chairman said while addressing the media on Monday. A total of 99.5 lakh new income tax assessees were added to the tax net, he informed.

A growth of 17.1 percent was recorded in net corporate tax growth while net personal income tax clocked a growth of 19.9 percent in last fiscal, he added.

Talking to the reporters in the same conference, Finance Secretary Hasmukh Adhia said that despite the year being full of uncertainty in terms of revenue the department has managed to achieve both direct and indirect tax targets FY18. He also said that the government is on track to meet FY18 fiscal deficit target of 3.5 percent.

The tax revenue will keep going up in three to four days, he added. On GST collections, Hasmukh Adhia said that the GST mop up in the month of February stands at nearly Rs 90,000 crore. “GST collection for February collected in March stand at Rs 89, 264 crore which shows an upswing in revenue collection trends. Rs 17, 616 crore in GST refunds given have been given out so far,” he said.

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