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Number of income tax payers can double to 12 crore: Finance Minister
Dec-10-2018

Amid increasing formalisation of the economy, Finance Minister Arun Jaitley has expressed hopes that the number of income tax payers can double to almost 12 crore. He also expects number to go up to 7.6 crore before the present government completes its five year term and noted that as many as 6.86 crore I-T returns have been filed this year.

The Minister further mentioned that 3.8 crore people filed I-T returns in 2014 when the NDA government came to power. There are 25-26 crore families and the country is capable of having a 10-11-12 crore taxpayer base. Jaitley also expressed confidence that the country will continue to grow at normal rate of growth is 7.5-8 percent, despite some deviation in one or two quarters, underlining the need of mature leadership for that.

Besides, Arun Jaitley emphasized over India’s potential to grow at least 5 percent more than the average growth rate of the rest of the world. Meanwhile, in the April-June and July-September quarters of the current financial year, the GDP expanded by 8.2 percent and 7.1 percent respectively.

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