Budget 2019: Tax Collection Doubles in 4 Years, Up From Rs 6.38 Lakh Crore in 2013–14 to Nearly Rs 12 Lakh Crore in 2017–18
In his address, Goyal said the number of returns filed have surged from 3.79 crore to 6.85 Crore. In the interim budget, the Government reduced tax rates, more for the common man and middle class, and made the interface with the tax department much simpler and largely faceless.
New Delhi, February 1: Interim Finance Minister Piyush Goyal, during his Budget 2019 address on Friday, stated that the number of returns filed in the last 4 years has increased from 3.79 crore to 6.85 crore showing 80% growth in tax base. Also, the tax collections have spiked from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore in 2018-19. In his address, Goyal said the number of returns filed have surged from 3.79 crore to 6.85 crore. In the interim budget, the Government reduced tax rates, more for the common man and middle class, and made the interface with the tax department much simpler and largely faceless. Here Are The Highlights of the Interim Budget.
The Income Tax Department now functions online where IT-returns, assessments, refunds and queries are all undertaken in a hassle-free manner. As per government data, 99.54% of the income-tax returns were accepted in the year 2018. Goyal said that within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronically. While presenting the Interim Budget 2019-20 in Parliament today the Goyal said, “I thank the honest taxpayers of India for reposing faith in our Government. Let me assure them that we have used their contribution to serve the poor and create better infrastructure.” Budget 2019: Sops For Farmers + Tax Relief to Middle Class = Another Term For Narendra Modi?
Benefits for taxpayers in Budget 2019:
The Minister said that reducing the tax burden on the middle class has always been the priority of the government since it came to power in 2014. In his address, Goyal said individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. Also, persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc. Budget 2019: Piyush Goyal Rejigs Tax Slab, Rolls-Out Income Support Scheme For Farmers, Here’s How Politicians React.
Goyal said that the Government has now approved a path-breaking, technology-intensive project to transform the Income-tax Department into a more assessee-friendly one. He added saying that all returns will be processed in twenty-four hours and refunds issued simultaneously. "Within the next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through anonymised back office, manned by tax experts and officials, without any personal interface between taxpayers and tax officers", he added.
(The above story first appeared on LatestLY on Feb 01, 2019 04:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).