Direct Tax Collection increases by 17% in FY 2017-18

The direct tax collection has gone up by 17.1 % at Rs 9.95 lakh crore for 2017-18. The total budget estimates of direct taxes for FY2017-18 was Rs 9.8 lakh crore.

During the month of February Rs 89,260 crore has been collected and a total of 17,616 crore as refund has been given out so far, said Hasmukh Adhia, the finance secretary.

Similarly, nearly 6.84 crore tax returns were filed, during the last financial year, compared with 5.43 crore in the previous year. Direct taxes include income tax paid by individuals, corporation tax and wealth tax.

The net corporate tax percentage had increased by 17.1% while personal tax has gone up by 18.9%, stated the CBDT Chairman.

On the roll out of the e-way Bill the GSTN chairman Ajay Bhushan Pandey said that a total of 2.59 lakh bills were generated on the first day. The number has increased to 2.89 lakhs.

A total of 11 lakh dealers have registered for the e-way bill.

Moreover, Rs 9,604 crore (IGST refunds), Rs. 5,510 crore (ITC refund by Centre) and Rs 2,502 crore (ITC refund by States) all totalling to Rs 17,616 crore has been sanctioned. Apart from this, Rs 16,680 crore duty drawback has been disbursed to exporters during the period from 1.7.2017 to 31.03.2018.