Disclosed income above Rs crore grew by 68%
Return filing grew by 80% in 4 years!
Best DT-GDP ratio of in last 10 years
Continuing
the practice of placing key statistics relating to direct tax collections and administration
in public domain, the Central Board of Direct Taxes (CBDT) has further released
time-series data as updated up to FY 2017-18 and income-distribution data for
AY 2016-17 and AY 2017-18. The key highlights of these statistics are as under:
i.
There is a constant growth in direct tax-GDP ratio over last three years and
the ratio of 5.98% in FY 2017-18 is the best DT-GDP ratio in last 10 years.
ii.
There is a growth of more than 80% in the number of returns filed in the last
four financial years from 3.79 crore in FY 2013-14 (base year) to 6.85 crore in
FY 2017-18.
iii.
The number of persons filing return of income has also increased by about 65%
during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18.
There
has been continuous increase in the amount of income declared in the returns
filed by all categories of taxpayers over the last three Assessment Years
(AYs). For AY 2014-15, corresponding to FY 2013-14 (base year), the return
filers had declared gross total income of Rs.26.92 lakh crore, which has
increased by 67%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
total number of taxpayers (including corporates, firms, HUFs, etc.) showing
income of above Rs. 1 crore has also registered sharp increase over the
three-year horizon. While 88,649 taxpayers disclosed income above Rs. 1 crore
in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%).
Similarly, the number of individual taxpayers disclosing income above Rs. 1
crore increased during the period under reference from 48,416 to 81,344, which
translates into a growth of 68%.
The
average tax paid by corporate taxpayers has increased from Rs.32.28 lakh in AY
2014-15 to Rs.49.95 lakh in AY 2017-18 (growth of 55%). There is also an
increase of 26% in the average tax paid by individual taxpayers from
Rs.46,377/- in AY 2014-15 to Rs.58,576/- in AY 2017-18.
During
the three-year period under reference, the number of salaried taxpayers has
increased from 1.70 crore for AY 2014-15 to 2.33 crore for AY 2017-18 (up by
37%). The average income declared by the salaried taxpayers has gone up by 19%
from Rs.5.76 lakh to Rs.6.84 lakh.
During
the same period, there has also been a growth of 19% in the number of
non-salaried individual taxpayers from 1.95 crore to 2.33 crore and the average
non-salary income declared has increased by 27%from Rs. 4.11 lakh in AY 2014-15
to Rs. 5.23 lakh in AY 2017-18.
The
availability of the time-series data and the income-distribution data of fairly
long periods in the public domain will be found to be useful by the
academicians, scholars, researchers, economists and the public at large in
studying long-term trends of various indices of the effectiveness and
efficiency of direct tax administration in India.
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