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Thanks to DeMo, 91L new taxpayers to boost revenues
Post demonetisation, India has added over 41 lakh new taxpayers, registering an 80 per cent increase over the typical yearly rise. On an average, India adds 50 lakh new taxpayers every year. With the addition of 41 lakh new tax compliant citizens, the number of new taxpayers has risen to 91 lakh.
New Delhi: Post demonetisation, India has added over 41 lakh new taxpayers, registering an 80 per cent increase over the typical yearly rise.
On an average, India adds 50 lakh new taxpayers every year. With the addition of 41 lakh new tax compliant citizens, the number of new taxpayers has risen to 91 lakh.
“About 9.1 million new taxpayers have been found, significantly expanding the taxpayer base,” a senior government functionary said. India had only 5.59 crore taxpayers at the end of 2015-16.
In 2016-17, according to another official, India ended with around 6.5 crore taxpayers. PM Narendra Modi plans to push India’s tax base to 10 crore. The low tax collection in India has been a significant problem for the government as it affects government’s finances.
Tax revenue in India formed only 16.7 per cent of the country’s gross domestic product in 2016. Compared to this, tax revenue in the United States and Japan formed 25.4 per cent and 30.3 per cent of the gross domestic product (GDP), respectively.
In Union Finance Minister Arun Jaitley’s words, India is largely a ‘tax non-compliant society’. The predominance of cash in the economy makes it possible for the people to evade their taxes.
Therefore, demonetisation and push for digital modes of transaction could have brought more people under the tax umbrella. Not everyone who pays tax files returns. Many are salaried employees whose tax is deducted and paid by the employers.
Among the 37 million individuals who filed tax returns in 2015-16, 9.9 million showed income below the exemption limit of Rs 2.5 lakh; 19.5 million, income between Rs2.5 lakh and Rs5 lakh; 5.2 million, between Rs 5 lakh and Rs 10 lakh; and only 2.4 million people showed income over Rs 10 lakh.
