Economy

‘I-T dept seizes Rs 992.5-cr assets in FY18’

PTI New Delhi | Updated on December 28, 2018 Published on December 28, 2018

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The Finance Minister said that several steps have been taken to increase the tax-GDP ratio

The Parliament was informed that the Income Tax department (I-T department) seized assets worth Rs 992.52 crore during 2017-18, while 582 search and seizure operations were conducted during the financial year.

In a written reply in the Lok Sabha, Minister of State for Finance, Shiv Pratap Shukla said the income tax department seizes unaccounted/undisclosed/ unexplained assets during the search and seizure operations.

The value of assets seized during the past two financial year is Rs 1,469.62 crore in 2016-17 and Rs 992.52 crore in 2017-18, Shukla said.

The total number of search and seizure operations conducted by I-T department stood at 1,152, and 582 during 2016-17 and 2017-18, respectively.

In a separate reply, Shukla said the direct tax-Gross Domestic Product (GDP) ratio improved to 5.98 per cent in 2017-18, from 5.57 per cent in 2016-17 and 5.47 per cent in 2015-16.

The central indirect tax-GDP ratio was at 5.43 per cent in fiscal 2017-18, against 5.65 per cent in 2016-17 and 5.16 per cent in 2015-16.

“As per Budget Estimate, the indirect tax (including Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST) and compensation cess) to GDP ratio for 2018-19 has been fixed at 5.96 per cent,” Shukla said.

He added that several legislative steps, including simplification of tax collection rules, have been taken to increase the tax-GDP ratio.

The measures include tax collection at source at one per cent on sale of minerals such as coal, lignite and iron ore for trading purposes and one per cent tax deduction at source on acquisition of immovables worth Rs 50 lakh or more.

Also, a new tax in the form of equalisation levy at six per cent has been imposed on e-commerce transactions and a five per cent Tax Deducted at Source (TDS) on rent payment of over Rs 50,000 a month has also been brought in to improve the tax-GDP ratio.

“Further, to improve revenue collection, steps which are being taken include introduction of e-way bill, simplification of measures for filing tax returns, steps to capture invoice details of transactions so that the same could be matched with credit taken and verification of transition credit availed by tax payers,” Shukla said.

He said tax base has significantly increased after the rollout of the goods and services tax and over 1.16 crore taxpayers are registered under the new indirect tax regime.

Published on December 28, 2018
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