Central Finance Secretary Hassmuk Aadhya participated in the discussion held on behalf of the Central Confederation of India on a budget meeting in Delhi. Hassmuk Adya talked about this-
The demands for a reduction in corporate taxes have been continually strengthening. But we did not refuse tax reduction. We want to reduce corporate earnings across the country.
In most countries, personal income is higher than corporate earnings. But for India, corporate income is higher than personal income.
In terms of India, income and taxes between individuals and corporates are growing only on one side.
We have reduced the corporate tax from 30 per cent to 25 per cent for a company which has a long-term Rs 250 crore annually. Due to the higher corporate tax rate, the tax rate is slowing down.
In the last year 2014-15, 34.5 per cent of the tax rate has fallen to 28.18 per cent in 2017-18.
At present, monthly shoppers pay more income than the traders.
Removal of existing taxes between corporate and individuals will be eliminated. The government is engaged in the work.
In the year 2016-17, 1.89 crore payers have filed their income tax returns. They have collected over Rs 1.44 lakh crore. An average of Rs. 76,306 is paid as income tax.
At the same time, 1.88 crore traders are paying income tax. The government has collected over Rs 48,000 crore. They pay an average of Rs. 25 thousand 753 taxes.
The GST in the country has increased the amount of income tax payers from the cash withdrawal process. The EBIL introduced in the GST will prevent tax evasion.
Hassmuk Aiyya said.