(Video) Rajya Sabha TV (RSTV) The Big Picture: 6.85 Crore and Counting

(Video) Rajya Sabha TV (RSTV) The Big Picture: 6.85 Crore and Counting

Topic: 6.85 Crore and Counting

Guest:

  • Dr. Arvind Virmani, (Economist)
  • Subhomoy Bhattacharjee, (Consulting Editor, Business Standard)
  • Sanjay Kumar, (Senior Advisor, Deloitte)

Topic Description:

According to a new data released by the govt , the direct tax base has significantly widened in the last few years . The data showed a growth of more than 80 percent in the returns filed in the last four financial years from 3.79 crore in the financial year 2013-14 to 6.85 crore in FY 2017-18.

Number of taxpayers disclosing income above 1 crore rupees during the is period has also increase by approximately 60 percent . The data also shows an improvement in the compliance of both salaried and non salaried tax payers by 37 % and 19 % respectively

The net direct tax collection in the country has also grown by 15.7 % on year on year basis to reach 4.89 Lakh crore in the current fiscal till third week of October . The Income Tax department has issues about 2 crore refunds so far this year amounting to approximately 1.09 Lakh crore rupees .

Amongst the states Maharashtra continues to be the biggest contributor to the overall tax kitty with 38.3% share ... which combined with 13.7 % of Delhi is more than that of all other states put together.

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Courtesy: RSTV


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