Budget 2017 - Arun Jaitley’s Call on the Country’s Taxation System

Nutan Gupta

02 Feb 2017

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:

  • The net tax revenue grew 17% in FY 2016-17

  • Direct tax collection does not commensurate with income and expenditure pattern of India

  • Return filed is very low

  • Only 24 lakh people showed income of above Rs. 10 lakh per annum

  • The burden of tax is falling on just a few individuals

  • Demonetisation has increased tax revenue

  • A lot of people are not paying tax

  • The government is committed to make responsible taxation

  • 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

  • Direct tax collection does not commensurate with income and expenditure pattern of India

  • We are largely a non-tax compliance society

  • Tax exemption for land pooling allowed in budget

  • GST Council has finalized all recommendations with consensus

  • Substantial progress in ushering the GST regime. It will bring more taxes to centre and the state

  • CBEC will continue to strive to implement GST

For more budget related highlights, click here

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Budget 2017 - Arun Jaitley’s Call on the Country’s Taxation System

by Santosh Jayram | Feb 02, 2017

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:

  • The net tax revenue grew 17% in FY 2016-17

  • Direct tax collection does not commensurate with income and expenditure pattern of India

  • Return filed is very low

  • Only 24 lakh people showed income of above Rs. 10 lakh per annum

  • The burden of tax is falling on just a few individuals

  • Demonetisation has increased tax revenue

  • A lot of people are not paying tax

  • The government is committed to make responsible taxation

  • 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

  • Direct tax collection does not commensurate with income and expenditure pattern of India

  • We are largely a non-tax compliance society

  • Tax exemption for land pooling allowed in budget

  • GST Council has finalized all recommendations with consensus

  • Substantial progress in ushering the GST regime. It will bring more taxes to centre and the state

  • CBEC will continue to strive to implement GST

For more budget related highlights, click here

2 comments

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  1. Guest | May 29, 2017
    1
  2. MD IFTKHAR ALI | Mar 16, 2017
    Good

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