The Gujarat Income Tax department is quite happy with the government move to wipe out black money and bring more people under the GST ambit by Demonetization and GST initiatives. Till November 2017, the number of registered taxpayers increased by whopping 43% which was unexcelled for GITD. Coming to the number, the total number of registered taxpayers under GST for Gujarat government now stands at 45.36 lakh and previously the figure was 31.72 lakh which grabbed 13.6 lakh additional taxpayers after GST and demonetization initiative by the government.
The surplus number of total registered taxpayers includes the first time taxpayers registered under GST and the hibernating taxpayers who started returns after a long duration. “This is an unprecedented rise in excess returns, but this is not all. We have three more months to go until the end of the financial year and by then I expect this figure to rise exponentially,” said A K Jaiswal, Principal Chief Commissioner of Income Tax Gujarat.
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In the financial year 2016-17, the total registered taxpayer was 19.26 lakh and now the number raised around 3 lakh. The senior official mentioned in a comment that demonetization was a significant step in bringing people under tax ambit as they choose to pay taxes instead of losing money by not exchanging the old currency notes.
Furthermore, the tax collection has increased by 16.35% comparing the last financial year. In December end, the process has been speeded to meet deadlines till 31 March 2018, and as a result, the government collected Rs 31,566 crores out of the budget proposal of Rs 46,838 crore. This collection stands at 67.40% of the proposed figure.
Considering the tax collection number from ITR or Self-Assessment, it stands at Rs 4,984 crore which is 22.22% more than the tax collection in previous tax period the same time. This number is shocking as till October 31, the collection was only Rs 3,904 crore from ITR and only 10.53% extra tax collected than the previous tax period for the same duration.
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Advance Tax collection accumulated at Rs 15,221 crore which is 8.83% additional to Rs 13,986 crore gathered from the previous financial year. The biggest collection which is recorded stands at 46.83% under Regular Assessment comprising penalties, interest on pending tax dues and scrutiny. The collection under GST for TDS stands at Rs 12,333 Crore which is 11.18% more than the existing previous year collection of Rs 11,093 crore.
