Finance Minister Arun Jaitley said direct tax collections were at Rs. 10.02 crore for the financial year 2018-17.

With that, direct tax collections – including income tax and corporate tax – grew over 18 per cent from Rs. 8.47 lakh crore in fiscal year 2016-17.

The finance minister in a tweet said the impact of demonetisation as well as implementation of Goods and Services Tax led to “higher formalisation of the economy”. That was further substantiated by filing of more than one crore new income tax returns by taxpayers during financial year 2017-18.

He further said, “The data reveals the efficiency of tax department and rise in no. of honest taxpayers. This historical revenue receipt is a factual testimony of accountable governance under PM @narendramodi ji,”.