Insta
National As Well As Financial Capital? Delhi Closes Gap With Mumbai In Income Tax Collections
Delhi’s India Gate. (Arvind Yadav/Hindustan Times via Getty Images)
According to government data, Income Tax (IT) collections in Delhi rose by over 45 per cent, in the period between April and mid-November of this year (2018) as compared to last year, as reported by Economic Times (ET). However, collections only increased by 5 per cent in Mumbai in the same period.
Though Mumbai accounts for around 29 per cent of the total income tax collections in the country, Delhi has improved its prospects. Now it contributes 16.5 per cent to the nation’s coffers. This marks a jump of over five per cent jump in a single year.
An official with the IT department stated the reason behind lacking performance of Mumbai as the hefty tax refunds. “The department has been proactive in paying refunds across the country. But the number should be seen in the context of refunds paid out in Mumbai, which have been quite high,” said an official, without revealing any details.
This year has been particularly good for the IT department. Over six crore income tax returns have been filed across the country so far this year. This represents an increase of 54 per cent over the same period last year.
Also Read:
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
