Personal income tax as a percentage of gross domestic product (GDP) to increase from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22. This shows that due to the efforts of the present government, the taxpayer base has increased in the country. In a review meeting with the Central Board of Direct Taxes (CBDT), Finance Minister Nirmala Sitharaman was informed about the various steps taken by the CBDT to widen the tax base.
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The ministry said that personal income tax as a GDP ratio has increased to 2.94 per cent in the financial year 2021-22 from 2.11 per cent in 2014-15. There has been an increase of 1,118 per cent in the information received from new data from the details of financial transactions (SFT) like dividend and interest, securities, mutual funds and information received from GSTN (Goods and Services Tax Network).
Also, with the introduction of the Tax Deducted at Source (TDS) Code, the reported transactions increased to 144 crore in FY 2021-22 from 70 crore in FY 2015-16. Due to this, the number of TDS deductors increased to 9.2 crore in 2021-22, which was 4.8 crore in 2015-16.
During the meeting, other things including the Income Tax Act, 1961 were reviewed for efforts to increase the taxpayer base, pending cases of disciplinary proceedings and providing exemptions under certain sections. Revenue Secretary Sanjay Malhotra, CBDT Chairman Nitin Gupta and all the members of CBDT attended the meeting.
The Finance Minister said that the CBDT should ensure timely and proper processing of all applications filed by taxpayers and fix a reasonable time limit for disposal of such applications.
(This news has not been edited by NDTV team. It is published directly from syndicate feed.)