Tax compliance goes up; Here is how India paid its taxes this year

The number of taxpayers disclosing income of more than Rs 1 cr has seen a growth of 68% in the last three years. But what's even more noteworthy is that overall tax compliance has increased. There has been continuous increase in the amount of income declared in the returns filed by all categories of taxpayers over the last three Assessment Years.

Meet the crorepati taxpayers

The total number of taxpayers (including corporates, firms, HUFs, etc.) showing income of above Rs. 1 crore has also registered sharp increase over the three year horizon. While 88,649 taxpayers disclosed income above Rs. 1 crore in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%).
The number of individual taxpayers disclosing income above Rs 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68%

Gross collections

Gross collections of direct tax are at Rs 5.47 lakh crore, 16.7% higher than last year.

Tax refunds

Refunds amounting to Rs. 1.03 lakh crore have been issued during April 2018 to September, 2018, which is 30.4% higher than refunds issued during the same period in the preceding year.

Net collections

After adjusting for refunds, net collections have increased by 14% to Rs. 4.44 lakh crore during April, 2018 to September, 2018 . The net Direct Tax collections represent 38.6 % of the total Budget Estimates of Direct Taxes for FY 2018-19 (Rs 11.50 lakh crore).

Corporate Income Tax (CIT)

The growth rate of gross collections for CIT is 19.5%.  After adjustment of refunds, the net growth in CIT collections is 18.7 %.

Personal Income Tax (PIT)

The growth rate of gross collections for PIT is 19.1%. After adjustment of refunds, the net growth in PIT is 14.9%.

Advance Tax

An amount of Rs.2.10 lakh crore has been collected as Advance Tax, which is 18.7 % higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 16.4% and that of PIT Advance Tax is 30.3%.

No. of returns filed

There has been a continuous increase in the amount of income declared in the returns filed by all categories of taxpayers over the last three Assessment Years. There is a growth of more than 80% in the number of returns filed in the last four financial years from 3.79 crore in FY 2013-14 (base year) to 6.85 crore in FY 2017-18.

No. of persons filing returns

The number of persons filing return of income has also increased by about 65% during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18.