Early Times Report
SRINAGAR, Dec 23: Despite the multiple onslaughts the Jammu and Kashmir economy has faced in the last eight years, its volume of income tax has increased by nearly 100 percent.
According to the Central Board of Direct Taxes (CBDT) data, Rs 1,302 crore have been recovered from assessees by the Income Tax Department during the financial year 2017-18, contributing more than one percent to India's overall tax share. The income tax collection in the country was recorded at a record Rs 10.03 lakh crore during the same year, the CBDT data says.
This state has grown from Rs 711 crore in 2010-11 to last year's Rs 1302. During 2016-2017, Rs 1,091 crore tax was recorded in the state. The territory's income suffered its first major onslaught during the 2014 floods when the volume of destruction was pegged at Rs 1,00,000 crore, nearly double the state's budget that time. The second onslaught was witnessed during the 2016 uprising when Kashmir remained shut for several months. The third comes due to the frequent shutdowns the valley faces due to killings and human rights violations.
The data says that there is a constant growth in direct tax-GDP ratio over the last three years in India and the ratio of 5.98 percent in FY 2017-18 is the best DT-GDP ratio in the last 10 years. Direct taxes comprise income taxes, corporate taxes and other taxes collected by the CBDT in India. The gradual hike has also increased the number of persons filing returns by about 65 percent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18. Continuous increase has also been witnessed in the amount of income declared in the returns filed by all categories of taxpayers over the last three years.
For 2014-15, 2013-14 the return filers had declared gross total income of Rs 26.92 lakh crore, which has increased by 67 percent to Rs 44.88 lakh crore, manifesting growing compliance. This, as per an official, has been attributed to legislative and administrative measures, including campaign and enforcement measures taken by the government. |
