GST increased direct tax mop up, advance tax rises 44% in Q1: Jaitley
He mentioned regardless of challenges to the worldwide financial system, demonetisation and anti-black cash measures, direct tax assortment has gone up 18 per cent and the affect of GST was not totally seen final yr.
“The primary quarter (April-June) of this fiscal reveals that the advance tax funds signifies that the private revenue tax assortment, the gross determine, has elevated by 44 per cent and company tax by 17 per cent.
“So the GST not solely impacts the oblique taxation, however those that need to disclose their turnover now for the aim of GST and essentially to pay the direct taxes. So this web important enhance within the direct tax is considerably attributable this yr to the efficient enforcement of GST,” Jaitley mentioned whereas addressing ‘GST Day’ celebrations right here.
As per the brand new Revenue Tax returns kind notified by the Central Board of Direct Taxes (CBDT), companies have to provide their GST quantity and turnover whereas submitting their I-T returns.
Assessees who’ve presumptive revenue from enterprise and occupation should furnish their GST registration quantity and its turnover whereas submitting ITR-Four.