The provisional figures of Direct Tax collections for FY 2017-18 show that net collections are at ₹ 9.95 lakh crore which is 17.1% higher than the net collections for FY 2016-17. The net Direct Tax collections represent 101.5% of the Budget Estimates (Rs.9.8 lakh crore) and 99% of the Revised Estimates (Rs. 10.05 lakh crore) of Direct Taxes for F.Y. 2017-18.

Gross collections (before adjusting for refunds) in FY 2017-18 have increased by 13% to ₹ 11.44 lakh crore. Refunds amounting to ₹ 1.49 lakh crore have been issued during 2017-18.

The growth rate for net collections for Corporate Income Tax (CIT) is 17.1% and for Personal Income Tax (including STT) is 18.9%.

However, it is reiterated that the aforesaid figures are as yet provisional and subject to change pending final collation of data of collections.

During FY 2017-18, 6.84 crore Income Tax Returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, showing a growth of 26%. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 3.79 crore ITRs filed in F.Y. 2013-14, the number of ITRs filed during F.Y. 2017-18 (6.84 crore) has increased by 80.5%. 

During FY 2017-18, the number of new ITR filers has also increased to 99.49 lakh (as on 30.03.2018) as compared to 85.51 lakh new ITR filers added during FY 2016-17, which translates into a growth of 16.3%.

The increase in total returns filed and new returns filed during FY 2017-18 is a result of sustained efforts made by the Income Tax Department in following up with potential non-filers through email, SMS, statutory notices, outreach programmes, etc. as well as through structural changes made in law and the Government’s emphasis on widening of tax net.

Direct tax collections growth shows near budget achievement and a substantial rise in income tax return filings. Provisional F.Y. 2017-18 direct tax receipts show substantial year on year growth in net and gross collections, with net receipts modestly exceeding the Budget Estimates and marginally below Revised Estimates; figures remain provisional pending final collation. Both Corporate Income Tax and Personal Income Tax contributed double digit growth. Concurrently, total Income Tax Returns filed and new filers rose markedly, attributed to compliance measures and structural legal changes designed to widen the tax net.