Connect with us

Business

Govt measures, I-T efforts raise tax-GDP ratio to 10-year high

Agencies

Published

on

IST


New Delhi: A sharp rise in the number of Income-Tax returns filed and an increase in the number of taxpayers have widened and deepened the tax base during the last three assessment years, which in turn has seen the direct tax-GDP ratio touch a decadal high of almost 6 per cent.

Legislative and administrative measures, combined with enforcement efforts by the Tax Department to check tax evasion, have meant that the average tax paid by corporates has jumped 55 per cent to Rs 49.95 lakh in 2016-17 compared with Rs 32.28 lakh in 2013-14.

In the case of individuals, the average tax paid has increased by 26 per cent to Rs 58,576 in 2016-17 from Rs 46,377 in 2013-14, according to data released Monday by the Central Board of Direct Taxes.

 

The Tax Department data also show better compliance among salaried taxpayers vis-à-vis non-salaried taxpayers. During the three-year period (2013-14 to 2016-17), the number of salaried taxpayers increased from 1.70 crore to to 2.33 crore, a growth of 37 per cent. The average income declared by salaried taxpayers rose by 19 per cent to Rs 6.84 lakh from Rs 5.76 lakh during the same period.

The number of non-salaried individual taxpayers grew 19 per cent to 2.33 crore from 1.95 crore and the average non-salary income declared increased by 27 per cent to Rs 5.23 lakh in 2016-17 from Rs 4.11 lakh in 2013-14.

The number of taxpayers disclosing gross total income above Rs 1 crore rose 16.7 per cent year-on-year to 1.40 lakh crore in financial year 2016-17, according to the data.

Over a three-year period from the financial year 2013-14, a growth of 60 per cent has been recorded for the number of total taxpayers (including corporates, firms, Hindu Undivided Families, individuals) disclosing income above Rs 1 crore. In the individual taxpayers category, a 68 per cent growth was registered in 2016-17 to 81,344 from 48,416 in 2013-14.

 

Making an yearly comparison, taxpayers showing gross total income above Rs 1 crore grew by 16.7 per cent in 2016-17, higher than the growth of 10.9 per cent shown in 2015-16 but lower than the 22.2 per cent growth seen in 2014-15.

The number of returns filed also increased to 6.85 crore in 2017-18 from 5.57 crore in 2016-17 and 3.79 crore in 2013-14. The number of taxpayers increased to 7.41 crore in financial year 2016-17 from 6.92 crore in 2015-16 and 5.71 crore in 2013-14. Taxpayers, as defined by CBDT, include “persons who have filed a return of income for the relevant Assessment Year or in whose case tax has been deducted at source in the relevant Financial Year but the taxpayer has not filed the return of income”.

CBDT Chairman Sushil Chandra said the rise in compliance is the result of many non-intrusive administrative and enforcement measures taken by the Tax Department. Explaining one of the measures, Chandra said that last year, the Department had analysed data on the purchase of properties worth over Rs 1 crore, and asked taxpayers to pay the advance tax on time.

“The total number of taxpayers (corporates, firms, HUFs among others) showing income of above Rs 1 crore has registered a sharp increase over the three-year horizon. While 88,649 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent,” the CBDT said.

A closer look at the data reveals that while 14,068 individuals paid tax exceeding Rs 1 crore in 2016-17 as against 11,123 individuals in 2015-16, only four individuals paid tax exceeding Rs 100 crore but less than Rs 500 crore in 2016-17 (about Rs 665 crore) as against seven individuals (tax paid Rs 1,098 crore) in the same category in the preceding year. No individual paid tax of over Rs 500 crore in 2016-17 and 2015-16.


Comments

Business

WPI inflation at 8-month low of 3.80 pc in Dec on softening fuel, food prices

Agencies

Published

on

New Delhi: Inflation based on wholesale prices fell to a 8-month low of 3.80 per cent in December, 2018, on softening prices of fuel and some food items.

The Wholesale Price Index (WPI)-based inflation stood at 4.64 per cent in November, 2018, and 3.58 per cent in December 2017. According to the government data released on Monday, deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November.

Vegetables, too, saw deflation at 17.55 per cent in December, compared to 26.98 per cent in the previous month. Inflation in the ‘fuel and power’ basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November.

 

This was on account of lowering of prices of petrol and diesel through December. Individually, in petrol and diesel inflation was 1.57 per cent and 8.61 per cent, respectively, and for liquified petroleum gas (LPG) it was 6.87 per cent during December.

Among food articles, potato prices became cheaper substantially with inflation at 48.68 per cent in December, as against 86.45 per cent in November.

Inflation in pulses stood at 2.11 per cent, while in ‘egg, meat and fish’ it was 4.55 per cent. Onion witnessed deflation of 63.83 per cent in December, compared to 47.60 per cent in November.

The 3.80 per cent inflation is the lowest in 8 months, and a lower inflation than this was last seen in April at 3.62 per cent. Data for retail or consumer price index-based inflation would be released later in the day.

The Reserve Bank of India (RBI) mainly takes into account retail inflation data while formulating monetary policy. In its fifth monetary policy review for the fiscal, last month, the Reserve Bank kept interest rates unchanged, but held out a promise to cut them if the upside risks to inflation do not materialise.

The central bank lowered retail inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices.

Continue Reading

Business

Air tickets, identity cards to become redundant; flyers can use facial recognition to enter airport

Agencies

Published

on

New Delhi: The hassle to show air tickets and identity cards at Airport will be over as air travellers can soon enter airport with facial recognition biometric facility.

GMR Hyderabad International Airport Ltd (GHIAL) that operates the Rajiv Gandhi International Airport (RGIA), has successfully conducted the trial of facial recognition technology. During the first phase of the trial, employees of GHIAL were included. The second phase of the trial is expected to be launched by the end of this month, in which GHIAL will include common air fliers. And if the second phase of the trial is successful, GHIAL will implement facial recognition technology in Hyderabad airport from March onwards.

Three phases of facial recognition technology

 

First phase: GHIAL has installed facial recognition cameras in the Hyderabad. In the first phase, the imaging of passengers will be done through these cameras which will recognise the faces of the flyers.

Second phase: There would be a centralised registration system for passengers. Each passenger’s face will be attached with his/her photo identity like passport, Aadhaar, voting id, driving licence etc. The details of passengers along with his facial mapping will be scanned and stored by GHIAL through the centralised registration system at the Airport.

Third phase: The ID proof of the passengers along with their facial mapping will be stored at the e-boarding gate of the Airport.The data centres at Airlines will also have similar information. Whenever such passengers book tickets, the data system will alert the Hyderabad Airport authorities.

The moment you book a flight ticket originating from Hyderabad airport, your details will be shared by the data centre and the information will be given to all the concerned authorities.

When you reach the Hyderabad terminal gate, face recognition technology will identify you and all your details will be shared on the screen. The security personnel at the gate will access all your information via the system.

Similarly, your details can be accessed by the security personnel at the check-in counter, security check-in. Once the formalities are done, passengers will get an online boarding pass on their mobile phone.

Continue Reading

Business

Maruti all-new WagonR 2019 available for booking at Rs 11,000

Agencies

Published

on

New Delhi: Country’s largest car manufacturer Maruti Suzuki India on Monday said that its all-new WagonR is available for booking starting.

Customers can book the 3rd generation WagonR at authorized dealer network across the country by paying Rs 11,000. They can also book the car online.

The New WagonR is powered by the advanced K-series engine offering high fuel efficiency and an unmatched driving experience, Maruti said. The car now comes with a new 1.2 L engine option that delivers powerful and impressive performance coupled with great fuel economy. Customers will also have the choice of 1.0 L engine for the all-new WagonR.

 

Maruti Suzuki’s acclaimed two pedal technology will also be offered in the new WagonR. The Auto Gear Shift (AGS) offers. Maruti said that for the first it is going to offer the most innovative SmartPlay Studio infotainment experience in the Big New WagonR.

The car will be available in Pearl Poolside Blue, Pearl Nutmeg Brown, Magma Grey, Pearl Autumn Orange, Silky Silver and Superior White Range of variants. The Petrol: 1.0 L engine will be available in Lxi, Vxi / Vxi AGS variants while the Petrol: 1.2 L will be available in Vxi, Vxi AGS, Zxi / Zxi AGS variants.

“The new WagonR gets bigger with enhanced comfort. The car’s sturdy and masculine look with true tall boy design makes for a strong road presence. The Big New WagonR not only embodies strong looks but is also stronger inside out,” Maruti said in a release.

Continue Reading

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 979,883 other subscribers

Archives

January 2019
M T W T F S S
« Dec    
 123456
78910111213
14151617181920
21222324252627
28293031  
Advertisement