CBDT announces hike in Direct Tax-GDP ratio
New Delhi [India], Oct 22 (ANI): The Central Board of Direct Taxes (CBDT) on Monday announced constant growth in the Direct Tax-GDP ratio over the last three years, with the ratio at 5.98% in FY2017-18. "Growth of more that 80 percent in the number of returns filed in the last four financial years from 3.79 crore FY13-14 to 6.85 crore in FY17-18," the CBDT noted in its statement. The statement mentioned a spike in the number of person filing return of income tax increasing by 85% from 3.31crore in FY13-14 to 5.44crore in FY 17-18. "Return filers declared gross total income has seen an increase of 67% to Rs. 44.88 lakh crore in Assesment Year (AY) 2017-18 from Rs. 26.92 lakh crore in AY 14-15," it added. On taxes paid by the corporate, it noted that the average tax paid has increased from Rs. 32.28 lakh in AY2014-15 to Rs. 49.95 lakh in AY 2017-18, a growth of 55%. "Average tax paid by individuals taxpayers saw an increase of 26% from Rs. 46,377 in AY 2014-15 to Rs. 58, 576 in AY2017-18," CBDT added. During the three year period under reference, number of salaried tax players increase by 37 percent from 1.70 crore for AY2014-15 to 2.33 crore in AY2017-18. "Average income declared by salaried taxpayers has gone up by 19% from Rs. 5.76 lakh to Rs. 6.84 lakh," it noted.