Insta
#Budget2019 Income Tax: Direct Tax Collection Almost Double To Rs 12 Lakh Crore; Taxpayer Base More Than Doubles
Swarajya Staff
Feb 01, 2019, 12:26 PM | Updated 12:26 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Finance Minister Piyush Goyal has stated that direct tax collections grew from Rs 6.38 lakh crore rupees in 2013-14 to almost Rs 12 lakh crore. India’s tax base, which basically indicates the number of tax payers, has more than doubled, from 3.79 crore to 6.85 crore in the last few years.
The Minister also stated that there was an 18 per cent increase in direct tax collections in 2017-18 with 1.06 crore more people included in tax base. Also more than 1 crore citizens filed IT returns for the first time, since demonetisation.
It should be noted that India’s tax-to-GDP ratio stood at 5.98 per cent in the last financial year (FY18), which is the best performance in a decade.
Goyal stated that as part of the government’s efforts to improve tax compliance and to make it easier for honest citizens to file taxes, the system to file income taxes has been made completely digital (online) with little to no human intervention required.
The minister also added that reducing taxes for middle class was a priority for the government.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.