Dainik Nation News Portal
DAINIK NATION BUREAU : The state of Gujarat has marked a significant upswing in the number of taxpayers declaring an annual income of Rs 1 crore or more, showcasing an astonishing 49 percent increase during the assessment year 2022-23, as unveiled by data released by the Central Board of Direct Taxes (CBDT).
According to a report by TOI, the official statistics reveal a notable departure from the previous year, with a surge of 4,500 individuals ascending to the ranks of those with taxable income surpassing Rs 1 crore. This elevates the total count of high-income taxpayers to an unprecedented 14,000 for the year 2022, a remarkable jump from the 9,300 recorded in 2021.
The data illuminates a discernible trend spanning the past five years, showcasing a striking growth in the number of ‘crorepatis’ in Gujarat. During this period, the count has doubled from 7,000 to 14,000, representing the highest figure witnessed in half a decade. This surge is especially notable given that the average number of taxpayers falling within the Rs 1 crore-plus bracket had previously stood at 8,200 over the preceding four years.
Furthermore, the data delves into the corporate realm, unveiling an uptick of over 1,000 individuals within the ‘crorepati’ segment. This category has swelled from 3,700 to 4,700, signifying a noteworthy 28 percent escalation.
Beyond the corporate domain, the tax base in Gujarat’s non-corporate sectors has also expanded, experiencing a 4 percent increase from 71.2 lakh taxpayers in the year 2021-22 to 73.8 lakh in 2022-23. When comparing these figures to the state’s tax base five years ago, which was 62.5 lakh in 2018, the magnitude of growth becomes even more evident.
Astoundingly, 94 percent of taxpayers have reported income amounts below Rs 10 lakh. Within this group, the data illustrates a 2 percent uptick in the number of taxpayers. Meanwhile, in the taxable income bracket exceeding Rs 10 lakh, a robust 29 percent increase is evident, with the count soaring from 3.35 lakh to 4.33 lakh.
Experts attribute this surge in higher taxable incomes to a confluence of factors. Jainik Vakil, the chairman of GCCI’s direct tax committee, emphasizes the decreasing corporate tax rates over the years and the transformative impact of GST as major drivers of enhanced corporate returns. Additionally, the inclusion of stock market income in the Annual Information Statement (AIS) has prompted higher-income individuals to file returns within these brackets.
Mukesh Patel, a distinguished international tax expert, underscores the role of IT interventions in income tax payments and the implementation of the faceless assessment scheme (FAS). These initiatives have not only fostered increased compliance but also cultivated precision and transparency in the tax ecosystem.
