Direct tax collections surge 18% to Rs 10.02 lakh cr in FY18: Arun Jaitley
Arun Jaitley said demonetisation and GST implementation has resulted into higher formalisation of economy which is evident from additional one crore IT returns being filed in the previous fiscal. He said the number of income tax returns filed rose to 6.84 crore during 2017-18, compared to 5.43 crore filed in 2016-17.
The government had estimated to collect Rs 9.80 lakh crore from direct taxes, which include Income Tax and corporate tax, in 2017-18. Image source: Reuters