Number Of Income Tax Filers Increases To Over Eight Crore: President Murmu During Budget Session | Economy News


New Delhi: Today, Wednesday (January 31, 2024), President Droupadi Murmu stated that the number of people filing income tax in the country has increased to around eight and a half crore, surpassing the earlier figure of approximately seven and a half crore. Addressing the joint session of the Lok Sabha and Rajya Sabha on the first day of the Budget Session.

She also emphasized the government’s efforts to improve the business environment in India. President Murmu highlighted that the government has worked continuously to make business operations smoother in the country. (Also Read: Amidst Global Crisis, India’s Economy Is Fastest Growing: Prez Droupadi Murmu During Budget Session)

She mentioned, “The government is making efforts to ensure more savings in the pockets of the common citizens. Earlier, income above two lakh rupees in India was taxable. Today, income up to seven lakh rupees is not taxed, thanks to tax exemptions and reforms. Due to these changes, taxpayers in India have saved nearly two and a half lakh crore rupees in the last ten years.” (Also Read: Prez Murmu Lauds Govt For Reducing Cost Of Farming And Increasing Profits)

She also revealed that the number of income tax filers has increased significantly, exceeding eight crore. This increase is more than double the previous figures.

President Murmu shared, “In December 2017, around 98 lakh people were paying Goods and Services Tax (GST), and today, their number has risen to one crore forty lakh.”

Discussing the business environment in the country, President Murmu mentioned, “There have been continuous improvements in the ease of doing business. In the last few years, more than 40,000 compliances have been eliminated or simplified. Additionally, 63 provisions of the Companies Act and Limited Liability Partnership Act have been removed from the list of offenses.”

President Murmu emphasized that the business-friendly measures have resulted in positive changes, stating, “183 provisions have been excluded from the category of offenses under the Companies Act through the Companies (Amendment) Act. Laws have been enacted to facilitate amicable resolution of disputes outside the court through mediation. Approval from the Forest and Environment Department, which used to take 600 days, is now granted in less than 75 days. The ‘Faceless Assessment’ scheme has brought more transparency and efficiency to the tax system.”

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