18% more direct taxes collected after GST, says Arun Jaitley

Written by July 1, 2018 13:48

New Delhi: Union minister Arun Jaitley on Friday said implementation of the goods and services tax (GST) has helped in expanding the direct taxpayer base.

Jaitley said there was an increase of 18 per cent in direct taxes collection last year due to the Goods and Services Tax or GST and demonetisation. In the last four years of NDA government, there has been an increase of 1.5 per cent in overall taxes, the minister said.

In a Facebook post, Jaitley said that the total number of income tax returns filed stood at 6.86 crore in fiscal 2018. The number of new assesses who filed the tax returns last fiscal were 1.06 crore, he informed. Importantly, there has been a gross increase of 44 per cent in the personal tax category and 17 per cent in the corporate tax category, he said.

One year has resulted in increased formalisation and greater tax compliance. On this landmark day, I convey my best wishes to people, state governments & officials.

Jaitley said that Goods & Service Tax is a monumental economic reform. The need for GST was obvious as earlier indirect tax regime was complicated. Today, one single tax has replaced seventeen taxes and multiple cesses imposed by the Central and the State Governments.

Arun Jaitley took to social media to share the GST experience.

Read his Blog

The Goods and Services Tax (GST) was launched in a ceremony held in the Central Hall of Parliament on the midnight of June 30, 2017. The Modi government is celebrating the day as ‘GST Day’.

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