The income tax collections during the 2017-18 fiscal has exceeded the Budget target at Rs 9.95 lakh crore, helped by addition of one crore new assessees who have started filing income tax returns.
However, the government has missed its ambitious target of Rs 10.05 lakh crore as per the revised estimates set in the Budget for 2018-19.
CBDT Chairman Sushil Chandra said that as per data collected so far, tax collections for 2017-18 is Rs 9.95 lakh crore, which is 17.1 per cent higher than net collection of 2016-17. The Budget estimate for the 2017-18 fiscal was Rs 9.80 lakh crore.
"We have already crossed the BE and we are in process of getting the Revised estimates because these are provisional figures as of today and more collections are likely to come," he told reporters here.
Asked if the revised estimates of Rs 10.05 lakh crore from direct tax collection was too aggressive, Finance Secretary Hasmukh Adhia said, "We should always try to be more aggressive when it comes to targets".
"I hope this Rs 9.95 lakh crore will reach up to more than Rs 10 lakh crore. At least next 3-4 days, we will get adjustment of Rs 5,000 crore. It will be a landmark if we achieve Rs 10 lakh figure in current year," said Adhia, who is also the Revenue Secretary.
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The growth rate for net collections for corporate income tax is 17.1 per cent and the same for personal income tax (including STT) is 18.9 per cent.
As against 5.43 crore ITRs filed during FY 2016-17, in 2017-18 as many as 6.84 crore returns were filed, a growth of 26 per cent. Of this, 6.74 crore returns were e-filed. Between March 30 and 31, the last day of fiscal 2017-18, 56 lakh ITRs were filed.
"This was because of continuous follow up by our department. We have issued large number of SMS, emails on the basis of data with us. Because of which new returns have come and around Rs 13,000 crore of self assessment tax has come in last two months because of continuous follow up by the department. In non-intrusive manner, we have intimated to the assessees about their assets, properties and that's why they have filed returns," Chandra said.
Giving comparative figure of number of returns filed, Chandra said the figure for 2017-18 shows a growth of 80.5 per cent over 3.79 crore ITRs filed in 2013-14.
Chandra said the number of assessees added during the fiscal is around a crore, which is a very good achievement by the department and government's emphasis that more persons should come into the tax net.
Adhia further said that the government will meet the 3.5 per cent fiscal deficit target for 2017-18 as broadly direct and indirect collections are in line with expectations and there have been some savings on expenditure.