Income tax returns surge, GST collections rise: Are Modi’s economic reforms working?

By: | Updated: April 3, 2018 10:08 AM

In what give some significance to the government’s claim on black money crackdown and a series of steps including GST and demonetisation to encourage formalisation of the economy, the income tax returns for FY18 have surged helping the government to exceed the direct tax collections budgetary target.

New fiscal year holds these challenges for ModiThe new income tax filers are now 99.49 lakh in 2017-17 as against 85.52 lakh added in the last fiscal.

In what give some significance to the government’s claim on black money crackdown and a series of steps including GST and demonetisation to encourage formalisation of the economy, the income tax returns for FY18 have surged helping the government to exceed the direct tax collections budgetary target. There has been an increase of nearly a crore new income-tax filers in 2017-18. The new number if up 26 percent from 5.43 crore in the previous year to 6.84 crore this year, CBDT Chairman Sushil Chandra yesterday said.

The new income tax filers are now 99.49 lakh in 2017-17 as against 85.52 lakh added in the last fiscal. The increase in total income tax returns is due to sustained efforts by the income tax department that has been painstakingly following up with potential non-filers through different means, CBDT said in a statement. The net direct tax collections are now at Rs 9.95 lakh crore, 17.1 percent more than the net collections for 2016-17, provisional numbers released by CBDT said. The net corporate income tax collection rose 17.1 percent and 18.9 percent for personal income tax, including STT.

GST figures

Despite a lot of uncertainty in both in revenue terms in FY18, the department has managed to achieve both direct and indirect tax targets FY18, Finance Secretary Hasmukh Adhia said. The GST mop up for February stands at Rs 89, 264 crore which indicates towards an upswing in revenue collection trends. GST refunds to the tune of Rs 17, 616 crore have been given out so far, he added.

E-way bill

3.89 lakh e-way bills were generated on Monday, A B Pandey, GSTN chairman, said yesterday. “2.59 lakh e way bills generated on 1 April , and 2.89 lakh e-way bills were generated by the system today,” he said. Over one lakh agents has been deployed by the government all across the country to help the taxpayers with their queries, he said.

Meanwhile, centre has ruled out excise cut to lower fuel prices.

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