Arun Jaitley has shared in a Facebook post that the total income tax collection has gone up 57 per cent to Rs 10.02 lakh crore over the period of last four years. The number of assesses have also increased by 64.6 per cent over the last four years, as the total number of returns filed was 6.86 crores in FY year 2017-18. The number of new assesses who filed returns in FY 2017-18 were 1.06 crore. Also Read - Missed ITR Filing Deadline? Here’s How to File Belated ITR With Penalty | Check Details
He also stated in the report that last year despite formidable economic challenges, the income tax collection managed to grow by over 18 per cent. Also Read - Have You Filed ITR on Jan 10? Here’s How to Check Income Tax Refund Status
He wrote in the blog, “The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs 6.38 lakh crore.” Also Read - Last Day For Filing Income Tax Return Today: Avoid These Mistakes While ITR filing
He said that Prime Minister Modi led NDA Government had a multi-pronged strategy to increase the tax base. The demonetisation led to a lot of people in possession of undeclared cash depositing the same in the banking system. “The source of the money was now questioned. Almost 18 lakh people were identified who had made deposits disproportionate to their returned incomes.”
The implementation of the Goods and Services Tax (GST) also made a favourable impact on direct taxes. “Those who have disclosed a business turnover for the GST now find it difficult not to disclose their net income for the purposes of income tax.”
The first big news for this year, he wrote, is that the advance tax deposit during the first quarter of this year has seen a gross increase of 44 per cent in the personal income tax category and 17 per cent in the corporate tax category.
In the post, Arun Jaitley also denied reports that government’s anti-black money steps have not yielded results. His reply came following new reports indicating that black-money has increased as the money parked by Indians in Swiss banks rose over 50 per cent to Rs 7,000 crore in 2017.