New Delhi: Direct tax collections have moved up from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore while the tax base swelled from 3.79 crore to 6.85 crore, Finance Minister Piyush Goyal said on Friday.
Presenting the interim Budget for 2019-20 in the Lok Sabha, Finance Minister Goyal said that nearly 99.54 per cent returns have been accepted without any scrutiny.
“The simplification of the direct tax system will benefit taxpayers. Direct taxes have been reduced. The tax interface made simpler and faceless to make life easier, resulting in an increase in tax collections and return filings,” said Goyal.
“Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials,” said the Finance Minister.
“The Goods and Services Tax (GST) is the undoubtedly the biggest taxation reform implemented since Independence. Through tax consolidation, India became one common market. Inter-state movements became faster through e-way bills, improving the ease of doing business.”
Finance Minister Goyal said that GST collections in January 2019 have crossed Rs one lakh crore. Businesses with less than Rs 5 crore annual turnovers comprising over 90 per cent of GST payers, will be allowed to return quarterly returns.
Goyal said the GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers. Most items of daily use for poor and middle class are now in the zero to five per cent tax bracket. A Group of Ministers is examining how prospective house buyers can benefit under the GST.
“GST is the undoubtedly the biggest taxation reform implemented since Independence. Through tax consolidation, India became one common market; and inter-state movements became faster through e-way bills, improving,” he said.
KEY POINTS
* 14 per cent growth in state tax collections.
* GST collections in January 2019 has crossed Rs 1 lakh crore
* Businesses with less than Rs 5 crore annual turnover comprising over 90 pc of GST payers, will be allowed to return quarterly returns
* GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers.
* Most items of daily use for the poor and middle class are now in the zero per cent to 5 per cent tax bracket.
* 99.54 per cent returns have been accepted without any scrutiny
* Direct tax collections from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore.
* Tax base up from 3.79 crore to 6.85 crore
