Taking seasonality into account it is found that there is a 0.8 per cent monthly trend increase in new tax filers (annual growth of 10 per cent),” the survey report said.”The level of tax filers by November 2017 was 31 per cent greater than what this trend would suggest, a statistically significant difference.
This translates roughly into about 1.8 million additional tax payers due to demonetization-cum-GST, representing 3 per cent of existing taxpayers.”According to the survey, new filers reported an average income close to the income tax threshold of Rs 2.5 lakh, “limiting the early revenue impact”.
The income growth over time pushes many of the new tax filers over threshold, the revenue dividends should increase robustly,” the survey said. According to survey one of the main aims of the demonetization and the GST was to increase the formalization of the economy and bring more Indians into the income tax net. The Economic survey takes place every year to check the status of economy in the country. This survey provides clear picture of the Indian Economy to the public.
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