The income tax department seized assets worth Rs 992.52 crore during 2017-18, while 582 search and seizure operations were conducted during the financial year, Parliament was informed Friday.
In a written reply to the Lok Sabha, Minister of State for Finance Shiv Pratap Shukla said the income tax department seizes unaccounted/ undisclosed/ unexplained assets during the search and seizure operations.
The values of assets seized during the past two financial years are Rs 1,469.62 crore in 2016-17 and Rs 992.52 crore in 2017-18, Shukla said.
The total number of search and seizure operations conducted by the I-T department stood at 1,152, and 582 during 2016-17 and 2017-18, respectively.
In a separate reply, Shukla said the direct tax-GDP ratio improved to 5.98 per cent in 2017-18, from 5.57 per cent in 2016-17 and 5.47 per cent in 2015-16.
The central indirect tax-GDP ratio was at 5.43 per cent in fiscal 2017-18, against 5.65 per cent in 2016-17 and 5.16 per cent in 2015-16.
"As per Budget Estimate, the indirect tax (including CGST, IGST and compensation cess) to GDP ratio for 2018-19 has been fixed at 5.96 per cent," Shukla said.
He added that several legislative steps, including simplification of tax collection rules, have been taken to increase the tax-GDP ratio.
The measures include tax collection at source at 1 per cent on the sale of minerals such as coal, lignite and iron ore for trading purposes and 1 per cent tax deduction at source on the acquisition of immovables worth Rs 50 lakh or more.
Also, a new tax in the form of equalisation levy at 6 per cent has been imposed on e-commerce transactions and a 5 per cent TDS on rent payment of over Rs 50,000 a month has also been brought in to improve the tax-GDP ratio.
"Further, to improve revenue collection, steps which are being taken include introduction of e-way bill, simplification of measures for filing tax returns, steps to capture invoice details of transactions so that the same could be matched with credit taken and verification of transition credit availed by taxpayers," Shukla said.
He said the tax base has significantly increased after the rollout of the goods and services tax and over 1.16 crore taxpayers are registered under the new indirect tax regime.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today