New Delhi, Sept 6 (KNN) There has been a rapid increase in the number of income tax filers in India, signalling significant formalisation of the economy, Finance Minister Nirmala Sitharaman said on Tuesday.

Speaking at the Global Fintech Fest 2023, she cited the income tax data released in August and highlighted that “each tax slab has seen a minimum three-fold surge in tax filings”.

The FM added that Maharashtra continues to be the leader in ITR filings.

She said the taxable workforce is expected to increase from the current 22.5% to 85.3%, adding that the total workforce share in the population will rise to 45% by 2047.

“There will be 48.2 crore income tax filers in 2047, as opposed to 7 crores in FY23,” she said.

During her speech, the FM also highlighted the importance of individuals nominating heirs and providing necessary information when dealing with their finances. 

She called for financial institutions, including banks, mutual funds, and stock markets, to prioritise this aspect.

Discussing global dynamics, the FM advocated for collaboration in various areas, including regulating cryptocurrencies, addressing tax evasion, and managing global debt concerns.

She emphasised the critical role of global cooperation in today's financial ecosystems and highlighted the inclusive and sustainable impact of fintech technologies like UPI and ONDC in India.  (KNN Bureau)