A record 6.84 lakh income tax returns were filed in the financial year 2017-’18, exceeding the government’s target, the Centre said on Monday. It also reported direct tax collections of Rs 9.95 lakh crore in the financial year, up 17% from last year. The government had earlier pegged direct tax collections at Rs 9.8 lakh crore.
The number of income tax returns filed was higher than that in 2016-’17 by 26%, said Central Board of Direct Taxes Chairman Sushil Chandra. In 2017-’18, as many as 99.5 lakh new assessees were brought under the tax ambit, the Centre said.
Meanwhile, the government collected Rs 89,264 crore as revenue through the Goods and Services Tax in March, Finance Secretary Hasmukh Adhia said. This reflects the taxes paid for the month of February.
This is the highest GST collection in five months. Till March 25, the total GST collection in February stood at Rs 85,174 crore.