Home News Reports Arun Jaitley : Tax collection net widens, 1.7 crore extra returns filed, Centre mops up Rs. 26,500 crore

Arun Jaitley : Tax collection net widens, 1.7 crore extra returns filed, Centre mops up Rs. 26,500 crore

Speaking in Rajya Sabha, Arun Jaitley said that the tax net has widened and there has been an increase of 19.3% in tax collection between April-January as a result of the campaign against black money and implementation of GST. Speaking on GST collections, Jaitley said that with mass anti-evasion measures being undertaken, the collections with respect to GST are expected to go up.

He said, with help of a non-filer monitoring system, the government has been able to identify those who indulge in high-value transactions but don’t pay enough taxes. This has forced filing of extra 1.7 crore returns and helped the Centre earn an additional tax collection of Rs. 26,500 crore till December last year.

He said that the tax department has been identifying non-filers by tracking in-house information and tallying it with high-value transaction data received from external agencies along with the tax deducted at source (TDS) and tax collected at source (TCS). He clarified that the tax net has been widened in terms of collecting data of various types of high-value transactions from banks and other financial institutions. He added that measures such as quoting PAN (Permanent Account Number) for transactions over Rs. 2 lakh, including on property, shares bonds, insurance and foreign travel, has yielded enormous data which has enabled the department to clamp down on tax evasion.

- Ad - - article resumes -

He further added that rule-based algorithms are used to identify non-filers of taxes and monitoring them. Text messages, as well as emails, were sent to target groups to file returns and a compliance management cell has also been set up to monitor and track responses. The government has launched ‘Project Insight’, to track social media for tracing the black money. The system is proposed to be more stringent to target individuals and seek voluntary compliance.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Big Story

Ram even did not even spare the judges of the Supreme Court. He stated that there are factual mistakes in the order of justices Bhanumathi and Bopanna.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

To Advertise on Opindia.com Click here

Rakesh Jhunjhunwala slams notions of economic crisis gripping the country

“I don’t want Pappu to be my Prime Minister”: Investor Rakesh Jhunjhunwala says PM Modi has performed very well

In an explosive interview, Rakesh Jhunjhunwala pulled no punches in rubbishing the doomsayers casting aspersions on Modi government

Prashant Kishor’s team starts reaching out to media and influencers with ‘paid content’ offers ahead of West Bengal assembly elections

Darjeeling Chronicle has exposed how Prashant Kishor led IPAC is reaching out to 'influencers' and digital portals to carry out paid campaigning for TMC and Mamata Banerjee ahead of 2021 West Bengal state elections

‘Kashmir free from shackles of Pakistan sponsored terrorism’: Pakistani org representing Pashtuns refuses to support Imran Khan’s Kashmir protest, backs India

Pashtun Tahaffuz Movement (PTM), the principal body representing Pashtuns in Pakistan, has rejected Prime Minister Imran Khan’s recent call to all people in which he urged them to come out and support Pakistan’s narrative on Kashmir. 
Image Source: twitter

Malala Yousafzai spreads fake news, claims girl from Kashmir missed her exams on August 12 which was an Eid holiday

According to Malala, one of the three girls from Kashmir missed her exams on August 12. However, August 12 is a notified holiday declared across the country by Government of India on the occasion of Bakr Id or Eid ul-Adha.
Sharad pawar invents a new excuse to shift the blame of the defeat in the Lok Sabha polls

Pakistan hospitable, BJP govt spreading lies about Pakistan for political gains: NCP supremo Sharad Pawar at minority event

NCP chief Sharad Pawar expressed his admiration for terror state Pakistan stating that the people of Pakistan are "very hospitable" while blaming BJP govt for spreading lies about Pakistan for political gains

West Bengal: Majidur Rahman fakes Hindu identity to develop relationship with Hindu girl, later rapes and murders her

Married Majibur developed relation with Jaba pretending to be Hindu Pintu. rapes and murders her when pressed for marriage

Raj Thackeray’s MNS, with zero Vidhan Sabha seats, threatens to boycott forthcoming Maharashtra Assembly elections

Raj Thackeray's MNS is contemplating to boycott the upcoming Maharashtra state assembly elections
Vivek Ranjan Agnihotri

Vivek ‘Ranjan’ Agnihotri speaks about caste politics being played in Bollywood

Vivek Agnihotri responds to Neeraj Ghaywan’s tweets, and also shares a hitherto unknown trivia about his full name.
Allahabad University professor goes on indefinite leave after video insulting Hindu gods goes viral

Allahabad University professor who had boasted of urinating on a Shivling in viral video goes on indefinite leave, claims ‘lynching’ fear

Dr Vikram Harijan had claimed in the video that he had once urinated on a Shivling just to prove that the gods cannot do him any harm.
Subscribe to Day's Top Stories
[newsletter_form type="minimal"]
- Advertisment -

Latest articles

Connect with us

182,757FansLike
180,012FollowersFollow
97,301SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post