The legislative and administrative measures, along with sustained efforts by the government and I-T department, have not only helped check tax evasion but also raised tax-GDP ratio to reach a 10-year high mark of nearly 6 percent.
The legislative and administrative measures, along with sustained efforts by the government and I-T department, not only helped check tax evasion but also raised tax-GDP ratio to reach a 10-year high mark of 5.98 percent, CBDT said. The average tax paid by corporates has increased from Rs 32.28 lakh in AY 2014-15 to Rs 49.95 lakh in AY 2017-18, a growth of 55 percent. In individual taxpayer category, an increase of 26 percent was seen in the average tax paid from Rs 46,377 in AY 2014-15 to Rs 58,576 in AY 2017-18, the data showed.
“We are using a lot of data analytics and non-intrusive ways to check tax evasion. The department is committed to bring more and more easiness and transparency for the taxpayers while dealing with the department,” PTI reported citing CBDT Chairman Sushil Chandra.
The department is also focussing on receiving information from foreign countries through automatic exchange of information to investigate cases of illegal funds and properties stashed abroad by Indians, The Indian Express reported citing unidentified officials.
During a three-year period (assessment year 2014-15 to 2017-18), the number of salaried taxpayers has increased from 1.70 crore (AY 2014-15) to 2.33 crore (AY 2017-18), a rise of 37 percent.
The average income declared by the salaried taxpayers rose to Rs 6.84 lakh from Rs 5.76 lakh, up 19 percent, between 2014-15 and 2017-18 assessment years, the Central Board of Direct Taxes (CBDT) said in a statement.
The direct tax category also witnessed rise in the amount of income declared in the ITRs filed by all taxpayer-categories in the given period, CBDT said. “For AY 2014-15, corresponding to the FY 2013-14, the return filers had declared gross total income of Rs 26.92 lakh crore, which has increased by 67 per cent to Rs 44.88 lakh crore for AY 2017-18, showing higher level of compliance resulting from various legislative and administrative measures taken by the government including effective enforcement measures against tax evasion,” the CBDT said.