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Jun 25, 2019
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Effective tax base grows 13.5% in AY19, highest rate in 5 years
The effective taxpayer base grew 13.5% for the assessment year (AY) 2018-19, recording the highest rate in the last five years, the finance ministry said in a reply in the Lok Sabha. The tax base, which includes assessees filing I-T returns along with those whose tax is deducted at source, rose to 8.44 crore in 2018-19, compared with 7.42 crore in FY18. Even though the direct tax collection missed the revised estimate by a whopping Rs 62,000 crore, it grew by 13.5% compared with FY18. It was the second-slowest growth in direct tax collection in the last five years.
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