PM Modi cites 2 insightful researches on ITR filings, hails country’s collective prosperity
The two studies have explained about trebling of weighted mean income in past decade and also the widening tax base in the country.
New Delhi: Prime Minister Narendra Modi on Friday took note of two ‘insightful research works’ and said that the analysis showing ‘India’s march towards prosperity’ will make the countrymen happy.
Taking to his LinkedIn account, PM Modi said that India is making remarkable progress on achieving equitable & collective prosperity. He cited two studies to support his statement. Notably, the SBI Research & noted scribe Anil Padmanabhan in their reports have explained about trebling of weighted mean income in past decade and also the widening tax base in the country respectively.
The SBI Research in its report explained how the Indian economy was headed for a big leap, on back of steep rise in weighted mean income. It reported that the country’s weighted mean income has taken a commendable leap in the last 9 years and it rose from Rs 4.4 lakh in Asssessment Year 2013-14 to Rs 13 lakh in 2022-23. It also predicted a jump in value to the tune of Rs 47 lakh in FY 2047.
In its economic research report ‘Ecowrap’, the SBI Research attributed the rise in weighted income to ‘shifting of tax filers from lower income to higher income groups’. It also said that the main reason for this transition was ascension of people from lower-income group to higher-income group. It also found that the number of non-filers has reduced in last 9 years.
Padmanabhan’s study of ITR data suggested a widening tax base, across all categories. As the below graphics show, each income bracket saw an increase of four-fold in tax filings.
It further shows a considerable rise in ITR filings between the years 2014 to 2013 and it’s visible in almost all states.
As per report, Uttar Pradesh recorded highest jump in tax filings. In 2014, UP reported about 1.65 lakh ITR filing, which soared to about 11.92 lakhs by June 2023.