NEW DELHI: Prime Minister Narendra Modi on Friday citing a SBI report said income tax return data suggests the weighted mean income has witnessed a remarkable leap over the past nine years, increasing from Rs 4.4 lakh in AY14 to Rs 13 lakh in FY23.
As per the report, per capita income is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47. He highlighted India’s progress towards achieving equitable and collective prosperity by referring to a report by SBI Research.
The PM in his Linkedin post said that ITR data suggests a widening tax base across different income brackets, with a minimum threefold increase in tax filings and even a nearly fourfold surge in some brackets.
Moreover, the research emphasizes the positive performance of states in terms of increased income tax filings. When comparing ITR filings between 2014 and 2023, data indicates a promising trend of enhanced tax participation across all states.
The SBI report also highlights the substantial growth in ITR filings in smaller states, particularly in the Northeast region. States like Manipur, Mizoram, and Nagaland have exhibited remarkable growth of over 20% in ITR filings over the past nine years.
“ITR data analysis shows Uttar Pradesh has emerged as one of the top-performing states when it comes to ITR filings. In June 2014, Uttar Pradesh reported a modest 1.65 lakh ITR filings, but by June 2023, this figure had skyrocketed to an impressive 11.92 lakh.”
The PM further said that these findings not only reflect the collective efforts but also reiterate the potential as a nation. “Growing prosperity augurs well for national progress. Undoubtedly, we are standing at the cusp of a new era of economic prosperity and are on course towards fulfilling our dream ‘Viksit Bharat’ by 2047,” Modi said.