CBDT Chairman Sushil Chandra attributes that increase into demonetisation and is quoted at a PTI report as stating,”Demonetisation has been very good for raising the tax base of the country. This year, we have already received around 6.08 crore income tax returns, which can be 50 per cent higher than last year by this particular date”.
Additionally, on the sidelines of a CII event he said that the target of direct tax group that stands in 11.5 lakh crore for the continuing financial year shall be achieved.
Under the automatic exchange of data (AEOI), he conferred as many as 70 countries are sharing information with India. “Our gross lead tax growth rate is 16.5 per cent and net direct taxation expansion rate is 14.5 percent, which itself shows that demonetisation really helped in widening and deepening of tax base”, he added.
As a consequence of demonetisation, the executive emphasized that there’s been a growth in corporate taxpayer from 7 lakh in the previous year to 8 lakh so much now.
Also, he insisted on the truth that in 4 hours shortly, the board will be issuing e-PAN.