In the year 2017-18, nearly one crore new tax filers joined the system. The income tax dept reported a 26% surge in income tax returns filed for the year with filing of 6.8 crore ITRs as against 5.4 crores in the previous year. The number of ITRs filed over the last 4 years has increased substantially on the back of government's aggressive clamp down against black money and sustained efforts towards increasing tax base in the country.
Direct tax receipts for the year had been healthy totalling to Rs 9.9 lakh crore which is higher by 17.1% in comparison to the net collection in 2016-17. The robust increase in direct tax receipts enabled the revenue dept. to surpass the amount budgeted for 2017-18.
Revenue collection from indirect taxes is also expected to be strengthened with the roll out of GST.
"I hope this Rs 9.9 lakh crore will reach up to more than Rs 10 lakh crore. At least in next three to four days, we will get adjustment of Rs 5,000 crore. It will be a landmark if we achieve Rs 10-lakh-crore figure in current year," finance secretary Hasmukh Adhia, who also holds the position as the revenue secretary said in a conference.
Sushil Chandra, CBDT Chairman, said collections are likely to increase and take the figures higher and owed such revenue jump in direct tax receipts to government's efforts of using data to increase the tax base.
"This was because of continuous follow-up by our department. We have issued a large number of SMSs, emails on the basis of data with us. Because of which, new returns have come and around Rs 13,000 crore of self-assessment tax has come in last two months due to continuous follow-up by the department," he said. "In non-intrusive manner, we have intimated to the assessees about their assets, properties and that's why they have filed returns," Chandra said.
Meanwhile revenues from GST after seeing a fall in December has remained buoyant and as per the March data it totalled to Rs. 90,000 crore.