Finance Minister Arun Jaitley made some strong points on the country’s financial system and highlighted a lot of facts. Lets us have a look at some of the facts:
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The net tax revenue grew 17% in FY 2016-17
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Direct tax collection does not commensurate with income and expenditure pattern of India
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Return filed is very low
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Only 24 lakh people showed income of above Rs. 10 lakh per annum
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The burden of tax is falling on just a few individuals
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Demonetisation has increased tax revenue
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A lot of people are not paying tax
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The government is committed to make responsible taxation
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Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto ` 5 lakhs other than business income
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Direct tax collection does not commensurate with income and expenditure pattern of India
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We are largely a non-tax compliance society
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Tax exemption for land pooling allowed in budget
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GST Council has finalized all recommendations with consensus
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Substantial progress in ushering the GST regime. It will bring more taxes to centre and the state
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CBEC will continue to strive to implement GST