New Delhi: Goods and Services Tax (GST) has given a new perceptive of the Indian economy and new data has emerged. There has been a fifty percent increase in the number of indirect taxpayers. There has also been a large increase in voluntary registrations, especially by small enterprises that buy from large enterprises wanting to avail themselves of input tax credits. The Economic Survey 2017-18 highlighted that there has been a rise in the number of taxpayers post demonetisation and implementation of Goods and Services Tax (GST) regime.
It says “there has been an addition of about 18 lakh in individual income tax filers since November 2016.”
The Economic Survey sets the stage for Finance Minister Arun Jaitley’s annual budget on Thursday (February 1). The survey was prepared by the finance ministry’s Chief Economic Adviser (CEA) Arvind Subramanian and his team.
“Taking seasonality into account it is found that there is a 0.8 per cent monthly trend increase in new tax filers (annual growth of nearly 10 per cent). The level of tax filers by November 2017 was 31 per cent greater than what this trend would suggest, a statistically significant difference,” said the Economic Survey 2017-18 released by the government today.
