(UNI) The number of people in the tax net in India has expanded from 3.5 crore to around 5 crore and could soon increase to 10 -12 crore, Finance Minister Arun Jaitley said on Friday.
Speaking at a event organized by Dainik Jagran on completion of its 75 years, the Finance Minister said in a country where being non tax complaint was not considered as wrong, the people under the tax net has now expanded from 3.5 crore to around 5 crore and soon it will expand to 10 -12 crore
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As many as 6.86 crore I-T returns have been filed this year and the number is expected to go up to 7.6 crore before the present government completes its five year term,” he said.
On demonetization, he said that there are 18 lakh people who deposited their money in the banks and their deposits were disproportionate to their income and they have come to the tax net.
The finance minister said India has the capacity to grow at least 5 per cent more than the average growth rate of the rest of the world.