New Delhi: More Indians are now Income Tax Return Filers nearly 1 crore new filers joining new tax filers joined the system.in 2017-18. The income tax department said during 2017-18 26% surge in income tax returns filed for the year with filing of 6.8 crore income tax returns as against 5.4 crores returns in the previous year.
There has been a significant increase in the number of ITRs filed over the last 4 years has increased on the back of a sustained drive undertaken by the government aggressive clamp down against black money.
Demonetisation and the implementation of GST boost up the economy, FM Arun Jaitley said on Tuesday, a day after data showed a sharp increase in the number of tax returns filed last fiscal year.
The rollout of GST is expected to help boost revenues on the indirect taxes front. Healthy increase in direct tax receipts totalled Rs 9.9 lakh crore which is higher by 17.1% in comparison to the net collection in 2016-17.
“I hope this Rs 9.9 lakh crore will reach up to more than Rs 10 lakh crore. At least in next 3 to 4 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 is also the revenue secretary, told a news conference.
CBDT chairman Sushil Chandra said collections are likely to increase and take the figures higher and owed such revenue jump in direct tax receipts to government’s efforts to use data and information to rope in new taxpayers.
“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 Tax authorities added that revenues from GST have remained buoyant after seeing a fall in December. The March data showed that it was hitting the Rs 90,000-crore mark.