In a statement released by the Central Board of Direct Taxes (CBDT), it was revealed that there has been a growth of 80 percent in the number of income tax return (ITR) filers in the past 4 years. It also said that the number of taxpayers with over 1 crore annual income has also increased by 60 percent during this period.
CBDT Chairman Sushil Chandra reported that during FY 2017-18, the direct tax-GDP ratio (5.98 percent) has been the best in the last 10 years. Also, the number of people who filed the GST returns has increased by 80 percent from the 3.79 million in 2013-14 to 6.85 crore in 2017-18.
CBDT further added that the number of individual taxpayers whose income is over 10 million has increased by 68 percent in the past 4 years. Besides that, the number of group taxpayers (corporate, firms, Hindu undivided families and others) with more than Rs 1 crore earnings has also increased over the past years.
CBDT said, “Whereas 88 thousand 649 people had declared their earnings more than Rs 1 crore in the Assessment Year 2014-15, their number increased to 1 lakh 40 thousand 139 in the assessment year 2017-18. This way, the number of millionaire taxpayers has increased by 60 percent.”
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In the same way, the number of individual taxpayers with income more than Rs 1 crore has increased from 48 thousand 416 in the assessment year 2014-15 to 81 thousand 344 in the year 2017-18. That is, the number has increased by 68 percent in the last four years.
CBDT Chairman Sushil Chandra has credited the efforts of the Income Tax Department for this increase in the number of crorepati taxpayers. He said that this number is the result of steps taken by the Income Tax Department to improve the law, disseminate information and strictly follow the laws during the last four years.
CBDT has also said that during the last four years, the filing of income tax returns has registered an increase of more than 80 percent and it has increased from 3.79 crores in 2013-14 to 6.85 crore in 2017-18.
