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12/10/2018 02:34pm

Number of direct tax payers likely to double to 7.6 crore by 2019: FM

image Number of direct tax payers likely to double to 7.6 crore by 2019: FM

New Delhi, Oct 12 (KNN) The number of tax payers is expected to reach close to 7.5-7.6 crore with the completion of five year term of present government, said Arun Jaitely, Finance Minister.

Speaking at the 29th Conference of Accountants General organized by the Comptroller and Auditor General (CAG), Jaitley said “the number of direct tax filers is likely to get doubled to 7.6 on account of various initiatives like rationalization of tax structure, lowering of rates and anti-black money measures etc.”

Four years ago, the number of people who file tax returns were 3.8 crore and as per the statistics the number reached to 6.86 crore last year (4th year), Jaitley added.

He said “At the end of fifth year, I do hope it will be something close to 7.6 crore or 7.5 crore, which means that in five years we would have doubled the number of people filing tax returns in India.”

Attributing the increase in number of direct taxpayers to the initiatives of the government like anti-black money measures, formalization of economy, use of technology, ability to detect transactions, he said that these initiatives have also led to increase in tax collections by 15-20 per cent.

He said that quantum of money being spent either on infrastructure or defence purchases or on social sector schemes directly or through states is going to multiply.

Government resources are sacrosanct and therefore he said “we can’t afford to waste a single rupee out of it.”

Talking about CAG, Jaitley said “some 'radical thinking' is needed on the part of CAG while auditing books of accounts of state-owned companies as they are now expected to take quick decisions to compete with their private sector peers.”

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