The government on Friday said the net direct tax collection till December 20 this fiscal amounted to Rs 7.36 lakh crore, a growth of 14 per cent over the same period a year ago. This is 64 per cent of the Budget estimate for direct tax collection in the current fiscal.”The growth rate of gross direct tax collection and net direct tax collection for the current financial year 2018-19 as on 20.12.2018 is 14.6 per cent and 14.0 per cent, respectively,” the government said.
The number of income tax e-returns filed till December 6 stood at 6.09 crore, which is 47 per cent higher than last year. Responding to a question on whether demonetisation had helped in improving direct tax collection, the government said the growth of 14.6 per cent in direct tax revenue in the year of demonetisation (financial year 2016-17), 18 per cent in financial year 2017-18 and 14 per cent in the current financial year is indicative of a positive impact of demonetisation on revenue growth.
The government also said the robust increase in the number of e-returns filed during FY17 to FY19 was also reflective of the fact that demonetisation has helped in increasing tax compliance through formalisation of the economy. FE