New Data Sources Lead to 1118% Increase in Reported Information
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The Finance Ministry has reported an astounding 1118% increase in reported information in recent years with the introduction of new data sources in Statement of Financial Transactions (SFT), including dividend, interest, securities, mutual funds, and information from GSTN. This has resulted in the addition of information about approximately 3 crore persons.
During a review meeting with the Central Board of Direct Taxes (CBDT), Finance Minister Nirmala Sitharaman emphasized the need for timely action on applications filed by taxpayers and suggested setting a reasonable time frame for their disposal. She also urged the CBDT to expand its efforts to increase taxpayers’ awareness regarding the provisions of direct tax laws and their compliance.
The review meeting mainly focused on increasing the taxpayer base, pending disciplinary proceeding cases, and disposal of applications for condonation of delay and grant of exemptions under certain sections of the Income Tax Act, 1961.
The introduction of new TDS codes has also contributed to an increase in total reported transactions from 70 crore in 2015-16 to 144 crore in 2021-22. This has resulted in almost doubling the number of unique deductees from 4.8 crore to 9.2 crore in the same period.
Furthermore, the meeting discussed the increase in the Personal Income Tax (PIT) to GDP ratio from 2.11 in 2014-15 to 2.94 in 2021-22. The Finance Minister also reviewed the pending disciplinary proceeding cases against employees and officers and recommended minimizing administrative and procedural delays.
Re-reported from the story originally published in.. https://indianexpress.com/