A record 62.1 million Income tax returns (ITR) have been filed this fiscal till December 30, registering a growth of 43% over the same period last year. The government expects income tax returns to touch 70 million this year. The highest number of filings are of ITR-1 at 30 million. The department has also issued refunds worth Rs 1.31 lakh crore, up 17.02%, to 24 million taxpayers this fiscal so far, refuting concerns of delayed refunds to meet the government’s fiscal deficit target. Gross direct tax collections grew 14.11% to Rs 8.74 lakh crore up to December 31, 2018.
The RBI has shortlisted six IT companies for implementing its Public Credit Registry (PCR) for capturing details of all borrowers and wilful defaulters, irrespective of any loan amount. The companies shortlisted are TCS, Wipro, IBM India, Capgemini Technology Services India, Dun & Bradstreet Information Services India, and Mindtree. The proposed PCR will also include data from market regulator SEBI, the Ministry of Corporate Affairs (MCA), GSTN and the Insolvency and Bankruptcy Board of India (IBBI). The data will enable banks and financial institutions to fetch credit information of the existing as well as prospective borrowers on a real-time basis.