The Income Tax Department in the West Bengal region has collected Rs 42,000 crore in the current fiscal recording a rise of 14 per cent in revenue collection, according to Bishwanath Jha, Chief Commissioner, Income Tax, Kolkata.
“We are on course of meeting our tax collection target, and the growth is partly due to the positive impact of demonetisation. Personal Income Tax buoyancy is much more than corporate Income Tax,” Jha told the industry members at a Seminar on Union Budget 2018-19: An Analysis, jointly organised by CII and PwC today.
The West Bengal region includes the state of Sikkim.
In revenue collection, Kolkata is in the top bracket of eight Indian cities which include Mumbai, Delhi and Bengaluru, he said.
Jha also sought to spread a message that very soon no personal interface would be required with the Income Tax officers for assessment.
“As per a new system, assessments will be done via email. You will send queries and get replies through emails only. The idea is not only to ease the entire process and but also to curb malpractices,” Jha said adding that an official gazette notification about this new system will be issued soon.
“By March 31, 2020, the entire process is scheduled to be completed. An enabling provision has already come in this year’s Budget proposals,” Jha said.
According to him, the country will collect Rs 10 lakh crore by way of direct tax this fiscal. “Given the fact that, the country would collect Rs 1 lakh crore even a decade ago, the growth in the collection of direct tax is phenomenal,” Jha said.
The IT Department has set about creating a mechanism which inspires people to come forward and become tax compliant instead of taxmen running after them, he added.
Present on the occasion, Prof Anup Sinha, Director, Heritage Business School & Professor, IIM, Calcutta, said in proposing to introduce a national health protection scheme and increase spending in rural infrastructure, the Union Budget 2017-18 will surely have a positive impact on the economy and society in the long run.moneycontrol