More tax, quicker refunds: It's time to widen India's tax net
Rising gap between gross and net collectionsAs the refunds rise, the gap between the gross and net direct tax collections is also widening. In F2015, the gap was 0.8 percentage points. This swelled to a high of 1.5 percentage points in FY2025, according to the CBDT. This indicates that more tax is being collected, which has to be refunded after the end of the year.Where are the taxpayers?There were only 7.5 crore returns filed by individuals in the assessment year 2023-24, against a projected adult population of around 97 crore, according to the Income Tax Department. This brings the tax base to a mere seven to eight per cent.Notably, more than 50 per cent of the adult population file income tax returns in the United States. The low tax base is an indication of a disproportionate burden of taxes on the salaried class. It also points towards the exclusion of the informal economy.Meanwhile, among those filing income tax returns, 27 per cent of the individuals have a gross average annual income of Rs 7 lakh, 17 per cent have income of Rs 4.8 lakh, eight per cent have Rs 12 lakh, and seven per cent have Rs 3 lakh as annual income.- EndsTune InMust Watch
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