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IT Dept. Recovered Highest Ever Rs. 1 Lakh cr in FY18: Report
July 10, 2018
As per a Business Standard report, the income tax (IT) department recovered a record Rs. 1 lakh crores in FY18 which makes for nearly 10% of the net tax collection during the financial year.
The report said that IT department took a variety of measures including the sale of assets, the filing of prosecution cases against those who were unwilling to pay the taxes, etc. that helped in the tax collection growth of 33%, the higher ever.
In FY17, the income tax collection stood at Rs. 75,000 crores, a growth of 10% from the previous financial year.
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