Live
- Haryana CM takes dig at Punjab counterpart on setting up of new legislative Assembly
- Avvatar India and Spartan Race Kick Off India’s Ultimate Fitness Challenge in Bengaluru
- CM Revanth Reddy Pays Tribute to Guru Nanak on His Birth Anniversary
- ‘Matka’ clears censor: run-time locked
- ‘Kubera’ first glimpse looks interesting
- It took me 20 years to reach Sahnkar sir’s ears: Thaman S
- Gaurav Bhatia slams Congress for promising freebies to infiltrators in Jharkhand
- LIC’s entry into health insurance to significantly boost its market share
- Why Covid-19 Vaccine protection wanes over time?
- First Look of Kaliyugam 2064 Unveiled by Mani Ratnam Ahead of Worldwide Release
Budget 2019: Direct tax collection goes to Rs 12 lakh crore from Rs 6.38 lakh crore
Direct tax collections have moved up from Rs 638 lakh crore in 201314 to almost Rs 12 lakh crore while the tax base swelled from 379 crore to 685 crore, Finance Minister Piyush Goyal said on Friday
Presenting the Budget for 2019-20, Finance Minister Goyal said that nearly 99.54 per cent returns have been accepted without any scrutiny.
New Delhi: Direct tax collections have moved up from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore while the tax base swelled from 3.79 crore to 6.85 crore, Finance Minister Piyush Goyal said on Friday.
Presenting the interim Budget for 2019-20 in the Lok Sabha, Finance Minister Goyal said that nearly 99.54 per cent returns have been accepted without any scrutiny.
“The simplification of the direct tax system will benefit taxpayers. Direct taxes have been reduced. The tax interface made simpler and faceless to make life easier, resulting in an increase in tax collections and return filings,” said Goyal.
“Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials,” said the Finance Minister.
“The Goods and Services Tax (GST) is the undoubtedly the biggest taxation reform implemented since Independence. Through tax consolidation, India became one common market. Inter-state movements became faster through e-way bills, improving the ease of doing business.”
Finance Minister Goyal said that GST collections in January 2019 have crossed Rs one lakh crore. Businesses with less than Rs 5 crore annual turnovers comprising over 90 per cent of GST payers, will be allowed to return quarterly returns.
Goyal said the GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers. Most items of daily use for poor and middle class are now in the zero to five per cent tax bracket. A Group of Ministers is examining how prospective house buyers can benefit under the GST.
“GST is the undoubtedly the biggest taxation reform implemented since Independence. Through tax consolidation, India became one common market; and inter-state movements became faster through e-way bills, improving,” he said.
KEY POINTS
* 14 per cent growth in state tax collections.
* GST collections in January 2019 has crossed Rs 1 lakh crore
* Businesses with less than Rs 5 crore annual turnover comprising over 90 pc of GST payers, will be allowed to return quarterly returns
* GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers.
* Most items of daily use for the poor and middle class are now in the zero per cent to 5 per cent tax bracket.
* 99.54 per cent returns have been accepted without any scrutiny
* Direct tax collections from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore.
* Tax base up from 3.79 crore to 6.85 crore
