Demonetisation effect: Advance tax given by individuals in June quarter rises more than 40%
Jul 7, 2017, 17:47 IST
After demonetisation, authorities have gone stricter with tax evaders, having led to people rushing to pay tax in much bigger numbers, resulting in a growth of more than 40% in the June quarter as compared to the year-earlier period.
As per government estimates, the number of payers crossed 60 million for the year ended March, registering a jump of more than 10 million from last year. This yeas has also seen a 15% rise in the number of returns filed up to June, because of more people paying self-assessment tax, resulting in a 31% rise in the amount collected.
ITRs for FY17 have to be filed by July 31st.
"This is just demonetisation impact... There would be a further jump with goods and services tax in place," a top government official told ET.
There’s also a rise in net direct tax collections in the June quarter, which registered a growth of 14.8% from a year ago and reached Rs 1.42 lakh crore.
Not only this, refunds to taxpayers in the April-June period has also gone down 5.2%, and now stands at Rs 55,520 crore.
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As per government estimates, the number of payers crossed 60 million for the year ended March, registering a jump of more than 10 million from last year. This yeas has also seen a 15% rise in the number of returns filed up to June, because of more people paying self-assessment tax, resulting in a 31% rise in the amount collected.
ITRs for FY17 have to be filed by July 31st.
"This is just demonetisation impact... There would be a further jump with goods and services tax in place," a top government official told ET.
There’s also a rise in net direct tax collections in the June quarter, which registered a growth of 14.8% from a year ago and reached Rs 1.42 lakh crore.
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