GST tax rates could be rationalised to three slabs, hints Jaitley
Economy

Number of people paying tax could triple in India

New Delhi, Dec 7 : The number of people in the tax net is set to triple in India as a positive after impact of GST (Goods and Service Tax), according to the projection given by the Union Finance Minister Arun Jaitley.

He said on Friday that in India the tax payers’ number has expanded from 3.5 crore to around 5 crore and could soon increase to 10 -12 crore, Finance Minister Arun Jaitley said on Friday. Speaking at a event organized by Dainik Jagran on completion of its 75 years, the Finance Minister said in a country where being non tax complaint was not considered as wrong, the people under the tax net has now expanded from 3.5 crore to around 5 crore and soon it will expand to 10 -12 crore

''As many as 6.86 crore I-T returns have been filed this year and the number is expected to go up to 7.6 crore before the present government completes its five year term,'' he said. On demonetization, he said that there are 18 lakh people who deposited their money in the banks and their deposits were disproportionate to their income and they have come to the tax net.

The finance minister said India has the capacity to grow at least 5 per cent more than the average growth rate of the rest of the world. ''India can continue to grow at the same pace for two decades, but we need mature leadership for that," he said.

He emphasized that India needs to formulise a sound economic policy and said “ Few years back, the Economist magazine had ranked India among five fragile economies of the world. We now, with our sound policy, rank at number 10 position in the world and very soon we will be ahead of Britain and France”, He also said that the expanding middle class which is new inspirational class has a capacity to influence the world economy. UNI