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Gujarat has become the highest tax-compliant state in the assessment year 2018-19, behind only Delhi, in terms of the proportion of ‘returns filed to PAN holders’, while Bihar saw the lowest rate of Income Tax Return (ITR) filing.
In AY19, the state witnessed 22.3 percent ITR filers, out of the total Permanent Account Number
The state was followed by the national capital, which had a 20.5 percent population filing ITR. Behind Delhi were Punjab with 16.74 percent, and Telangana with 16.68 percent ITR filing, said the report.
As per the report, Bihar received the lowest rate of ITR filing at 5 percent. Its neighbouring state Uttar Pradesh saw a little higher rate of return filed at 8.11 percent. However, it was much below the national average of 12 percent, it stated.The data of ITR filings may not be the most accurate indicator of tax-compliance, as it is not mandatory for all PAN holders to file returns, said the report.
In the case of companies and businesses, they are supposed to file ITRs even in case of ‘nil’ income. However, this is not applicable to individuals as only those with total income above Rs 2.5 lakh are required to file returns. For senior citizens, the limit is Rs 3 lakh, the report suggested.
Among the total filed ITRs in AY19, the cases picked up for scrutiny halved to 0.25 percent from 0.55 percent in AY18. Among all the states, Bihar had the lowest proportion of such cases at 0.08 percent. The state saw a sharp drop from the 0.42 percent in AY18, said the report.
Its neighbouring state Jharkhand was next at 0.09 percent cases picked up for scrutiny in AY19. It saw a decline from 0.3 percent in AY18, the report stated.
Delhi faced the highest scrutiny of cases at 0.52 percent, added the report.
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The government and corporates must work together for a quick economic recovery, State Bank of India Chairman Rajnish Kumar said, adding that investment in infrastructure, in particular, should be stepped up.
“The government and corporates have to open up their wallets to invest … their actions should go hand-in-hand for a quick economic recovery since the vital middle class remains cautious amid ongoing unlocking of the economy,”
Kumar added that increase in expenditure by both parties is “important” as money brought into the system will give consumption demand and infrastructure investment a boost. He also noted that direct benefit transfer schemes had put money directly in the hands of people, thus boosting rural demand.
“The middle class also plays a pivotal role, and for that segment to spend, the fear of COVID-19 has to go away,” he said.
The state lender's chief added that since the loan moratorium achieved its limited purpose, the Reserve Bank of India (RBI) now has to look at providing banks with restructuring relief “which would then determine who would qualify for a loan recast.”
“There is growing consensus that moratorium may not be needed, but there should be flexibility in loan repayments through restructuring and relaxing of provisioning norms for such rejig,” he noted and pointed out that the industry and bankers are keen to revive cash-strapped businesses and “future course of action should be left to the bank and the borrower.”
While economists have forecasted up to 10 percent contraction in GDP, Kumar was optimistic, stating that June saw fairly good recovery and many industries have “come back 75-80 percent of capacity utilisation levels.”
He, however, acknowledged that the lockdown has disrupted supply chains as some sourcing units may be in containment areas. “Overall, I believe we are in a much better position than where we were in April and May,” he said.