One year of GST: Direct tax mop up jumps, advance tax rises 44% in Q1
Arun Jaitley said despite challenges to the global economy, demonetisation and anti-black money measures, direct tax collection has gone up 18 per cent and the impact of GST was not fully visible last year.
The Goods and Services Tax (GST) implementation has resulted in an increase in direct tax collections with 44 per cent rise in advance tax collections in April-June quarter, Union minister Arun Jaitley said today.
He said despite challenges to the global economy, demonetisation and anti-black money measures, direct tax collection has gone up 18 per cent and the impact of GST was not fully visible last year.
"The first quarter (April-June) of this fiscal shows that the advance tax payments indicates that the personal income tax collection, the gross figure, has increased by 44 per cent and corporate tax by 17 per cent.
TRENDING NOW
"So the GST not only impacts the indirect taxation, but those who have to disclose their turnover now for the purpose of GST and necessarily to pay the direct taxes. So this net significant increase in the direct tax is substantially attributable this year to the effective enforcement of GST," Jaitley said while addressing 'GST Day' celebrations here.
WATCH ZEE BUSINESS VIDEO HERE
As per the new Income Tax returns form notified by the Central Board of Direct Taxes (CBDT), businesses have to give their GST number and turnover while filing their I-T returns.
Assessees who have presumptive income from business and profession will have to furnish their GST registration number and its turnover while filing ITR-4.
09:08 am
GST collections rise 13% to Rs 1.72 lakh crore in October 
GST Amnesty scheme: What is it? How can you benefit from it?
Mera Bill, Mera Adhikaar: How this GST-related scheme of Centre can make you a crorepati
GST Council decides to impose 28% tax on turnover of online gaming firms
GST Council to meet on February 18