Centre's gross tax receipt grows three fold since FY14: PM Modi
1 min read . Updated: 17 Feb 2023, 11:23 PM IST
Premium- Modi said that the Income Tax Department has processed more than 6.5 crore returns this year where 3 crore returns were processed within 24 hours and the money was refunded within a few days
Prime Minister Narendra Modi said on Friday that the central government's gross tax revenue is estimated to cross ₹33 trillion in FY24, about three times the amount collected in FY14, despite tax rate cuts.
Speaking at the Economic Times Global business summit in Delhi, Modi said that people get motivated to pay tax when they see that the tax paid are spent efficiently.
“People trust you when you trust them", an official statement from the Prime Minister's office said quoting Modi.
Noting that income tax returns were earlier processed in 90 days on average, Modi said that the Income Tax Department has processed more than 6.5 crore returns this year where 3 crore returns were processed within 24 hours and the money was refunded within a few days.
Modi said that India's prosperity is the world's prosperity and India's growth is the world's growth. He said that the world can become better only by taking common resolutions and protecting everyone's interests.
“This decade and the next 25 years make for unprecedented confidence in India," Modi said. The Prime Minister also appealed to business leaders to get involved in India's development journey as much as possible. “When you associate with India’s growth journey, India gives you guarantee of growth", Modi said.
He also said, the concept of ‘antifragile’ i.e a system that is not only resilient in the face of adversity but gets stronger using those adversities, brought to his mind the collective determination of 140 crore Indians.
“India has shown the world what it means to be antifragile. Where earlier there used to be the talk of Fragile Five, now India is being identified with antifragile. India has shown the world how to convert calamities into opportunities. Humanity will also be proud of itself after 100 years by studying the capability shown by India during the biggest crisis in 100 years", the Prime Minister said.
Modi said the government reimagined how it can improve welfare delivery to empower the poor. "We reimagined how the government can create infrastructure in a more efficient way. We reimagined what kind of relationship the government should have with the citizens of the country", he said