Number Of Income Taxpayers Surges 26% In 2017-18. The GST Effect?
The number of new taxpayers for 2017-18 expanded by 26% to 6.84 crores, therefore empowering the government to meet direct tax accumulations for the monetary year, the Ministry of Finance declared in an announcement on Monday.
Moreover, net collections (previously refunds) for the financial year were recorded to have expanded by 13% to Rs 11.44 lakh crore. Gross collections for Corporate Income Tax and Personal Income Tax also expanded by around 17% and 19% separately.
“The expansion in complete returns recorded and new returns filed amid FY 2017-18 is a consequence of supported efforts made by the Income Tax Department in catching up with potential non-filers through email, SMS, statutory notices, outreach programs, and so on. Additionally through basic changes made in law and the Government’s accentuation on augmenting of the tax net,” the announcement detailed.