New Delhi | Finance Minister Piyush Goyal today informed the Lok Sabha that the Direct Tax collection has increased from 6.38 lakh crore in 2013-14 to almost 12 crores in 2019.
Presenting the Interim budget, Goyal said, “Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore”.”GST collections in January 2019 has crossed Rs 1 lakh crore,” informed Goyal.
Speaking on Goods and Service Tax(GST) a key tax reform by the current government, Goyal said, “GST is probably the biggest taxation reform implemented since Independence; with tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business.”
He further added that GST has been continuously reduced resulting in relief of Rs 80,000 crore rupees to the consumers; Most items of daily use are now in the 0%-5% tax bracket. “The Group of Ministers is examining how prospective house buyers can benefit under Goods & Services Tax (GST),” he added.
Speaking on the improvement of the tax system, Goyal said,”Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials.”
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