Direct tax collected in FY 2017-18 sees 17.1% YoY growth

The provisional figures of Direct Tax collections for Financial Year 2017-18 witnessed a 17.1 percent increase compared to net collections for FY 2016-17, the Central Board of Direct Taxes (CBDT) said on Monday.

"2017-18 direct tax collection recorded at Rs 9.95 lakh crore, up by 17.1 percent year-on-year. Nearly 6.84 crore tax returns were filed compared to 5.43 crore, thus registering a 26 percent year-on-year hike," CBDT Chairman Sushil Chandra said here at a press conference.

Gross collections (before adjusting for refunds) in FY 2017-18 increased by 13 percent to Rs.11.44 lakh crore, while refunds amounting to Rs.1.49 lakh crore were issued during 2017-18.

The CBDT Chairman also stated that the growth rate for net collections for Corporate Income Tax (CIT) is 17.1 percent and for Personal Income Tax (including STT) is 18.9 percent.

However, he reiterated that the aforesaid figures are provisional and subject to change pending final collation of data of collections.

During FY 2017-18, 6.84 crore Income Tax Returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, showing a growth of 26 percent. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 3.79 crore ITRs filed in F.Y. 2013-14, the number of ITRs filed during F.Y. 2017-18 (6.84 crore) has increased by 80.5 percent.

During FY 2017-18, the number of new ITR filers has also increased to 99.49 lakh (as on March 30) as compared to 85.51 lakh new ITR filers added during FY 2016-17, which translates into a growth of 16.3 percent.