Personal Income Tax to GDP Ratio Rises to 2.94 in FY 2021-22: FinMin
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- By Chetan Kulasri
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- Last Updated on 27 April, 2023
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Press Release, dated 25-04-2023
The Finance Minister, Smt. Nirmala Sitharaman chaired a periodic review meeting with the Central Board of Direct Taxes (CBDT). During the review meeting, the FM was apprised about the impact of various initiatives.
The introduction of new data sources in Statement of Financial Transactions (SFT) like Dividend and Interest, Securities; Mutual Funds and information from GSTN in recent years has led to 1118%increase in reported information. This has resulted in the addition of information of about 3 crore persons.
Further, FM was also apprised of the fact that the Personal Income Tax to GDP ratio has been steadily increasing from 2.11 in FY 2014-15 to 2.94 in FY 2021-22.
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