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Analysis: Is PM Modi’s hard decisions taken on the economic front succeeded? Taxpayers increased in the country

Tuesday - October 23, 2018 1:10 pm , Category : WTN SPECIAL
Demonetization and GST proved to be Prime Minister Modi's transformative decisions
Demonetization and GST proved to be Prime Minister Modi's transformative decisions

Number of Income Tax Return increased by 80%

OCT 23 (WTN) - Within a few days after the formation of its government in 2014, Prime Minister Narendra Modi had said that some ‘bitter decisions’ will be taken in the interest of the country. Prime Minister Modi meant that if the country has to move forward, some such steps will be taken, which may be 'miserable' for the common people for some time, but its 'far-reaching consequences' will be quite 'beneficial'.

Prime Minister Modi did the first work to improve the economy of the country and for that he took the decision of demonetization which is called his 'courageous step'. All were amazed at Modi's decision of the demonetization that why Prime Minister Modi took such a big and bold decision to make the people of the country 'angry'.
Not only that, Prime Minister Modi made Aadhaar card its 'biggest weapon' and his government necessitated to link the Aadhar card with pan card and bank accounts. In this way the government had full financial information of every person who has PAN card. Time to time the opposition had raised a lot of questions even on this decision of Modi, but PM Modi didn’t stop to take bold decisions.

After the demonetization, the Modi government implemented GST in the country to implement the concept of 'one country-one tax'. Initially, GST was quite intriguing, due to which the Opposition opposed it very much, but gradually the government removed GST's intricacies and made every effort to resolve the problems of traders.

Prime Minister Modi didn’t worry about the vote bank and made tough decisions for the country's economy, after which it can be said now that the country has benefited from the decisions of Prime Minister Modi and in the last four years the number of crorepati income tax payers have been increased 68%.

According to information received from the media, as per the Central Board of Direct Taxes (CBDT), the number of income-tax returns filed during the last four financial years has increased by 80 percent. Meanwhile, the number of taxpayers with income of more than 10 million has increased from 48,416 to 81,344. That is, the number of crocrpati taxpayers has increased by 68 percent. According to the income tax department, the income tax returns in the last four years have been increased by 80 percent. In the financial year 2013-14, 3.79 crore returns were filed, while 6.85 crore returns were filed in the financial year 2017-18.

According to the information, the average income of salaried, non-salaried and corporate taxpayers has increased in the last three years. The number of salaried taxpayers increased from 1.70 crore in 2014-15 to 2.33 crore in 2017-18. In this way, the number of salaried taxpayers increased by 37 percent in the last three financial years. Meanwhile, the average income of salaried taxpayers increased by 19 percent, from Rs 5.76 to Rs 6.84 lakh.

Talk about the number of non-salaried taxpayers, their number increased from 1.95 crore to 2.33 crore in the last three years and their average income increased by 27 percent from Rs 4.11 lakh to Rs 5.23 lakh.

The number of corporate taxpayers was 32.28 lakh in 2014-15, which increased by 55 percent to 49.95 lakh in 2017-18.

It can be said that due to strict economic discipline and tough decisions of the Modi government, there has been an increase in the number of tax payers in the country. A few days ago, Prime Minister Modi had said, "Many economists agree that the foundation of the economy is strong. We have taken tough decisions for the economy."

In the last four years, 68 percent increase in the number of crorepati taxpayers shows that there is no reduction in the income of the people of the country after the demonetization and GST, and GST, including the demonetization were the decisions of Prime Minister Narendra Modi which gave new direction to the Indian economy.
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