Srinagar, Nov 11: The Income Tax Department has recorded an increase of 95 per cent in tax collection in Jammu and Kashmir in the past eight years.
According to Central Board of Direct Taxes (CBDT) data, Rs 1,302 crore has been recovered by the Income Tax Department from assesses during the financial year 2017-18.
The direct taxes collection has increased from Rs 711 crore in 2010-11 to last year’s Rs 1,302, implying an increase of 95 per cent, the data reveals. During 2016-2017, Rs 1091 crore tax was recorded in the state.
An official of the IT Department said they have started a vigorous campaign to create awareness of filing I-T returns among the people.
Direct taxes constitute income taxes, corporate taxes and other taxes collected by the CBDT across the country.
At the same time, the income tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18, the CBDT data says.
The data says that there is a constant growth in direct tax-GDP ratio over last three years in India and the ratio of 5.98% in FY 2017-18 is the best DT-GDP ratio in last 10 years.
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, it says.
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.