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News In Numbers: Tax department to add 1.25 crore new tax return filers in 2017-18

LiveMint logoLiveMint 29-09-2017


What is it? The number of polling booths in the forthcoming Gujarat state elections that will have voter-verifiable paper audit trail (VVPAT) facility.

Why is it important? This will be the first time where VVPAT will be used in all polling stations in a state election. The move will increase transparency as a printout of the vote will be displayed, and if the two differ, then the electronic voting machine will be invalidated. Provisioning VVPAT will increase the time taken to vote by seven seconds.

Tell me more: There are 43.3 million voters in Gujarat, and number of voters per polling booth has been restricted to 1,200 and 1,400 in rural and urban areas respectively.

12.5 million

What is it? The number of new tax return filers that the Income Tax department has reportedly been asked to add in 2017-18.

Why is it important? The government has cited widening of the tax base as one of the major impacts of demonetisation. It has come under criticism for its shock decision to ban high-currency notes from some quarters. It says it has been using data collected since last November (when it announced an overnight ban on high-value currency notes) and matching it with the tax department’s records to detect non-compliance and widen the tax base.

Tell me more: The increase in new taxpayers at 45.3% between 9 November and 31 March was higher than the 25.1% recorded in the same period a year ago, with possible additional taxpayers and possible addition of returned income at 540,000 and Rs10,600 crore, respectively.

Rs2.08 trillion

What is it? The amount of market borrowing by the central government during October-March 2017.

Why is it important? Total borrowing in the current fiscal year would remain the same as projected in budget documents, and the government is not looking at spending more to boost the economy. Higher fiscal deficit would have put upward pressure on interest rates, even as the government is pushing the central bank to cut interest rates.

Tell me more: Rs5.8 trillion is the total projected borrowing in the current fiscal, to fund the fiscal deficit of 3.2% of gross domestic product (GDP).

Rs 25,000 crore

What is it? The additional investments the government has asked central public sector enterprises (CPSEs) to make in the current fiscal year.

Why is it important? The government has asked state-run companies to step up investments to boost economic growth, which grew at the slowest pace (5.7%) in three years in the June quarter. Private consumption growth fell to 6.7% in the first quarter of 2017-18 (from 8.4% a year ago) and investment demand slumped to 1.6% from 7.4% in the same period. However, private investment growth is expected to overtake private consumption as the main driver of economic growth in 2018-19, according to a recently released report by the World Bank.

Tell me more: The projected investment by CPSEs was around Rs 3.85 trillion in 2017-18, according to Budget estimates. The government has also asked the CPSEs to declare liberal dividends in the current fiscal.


What is it? The number of ultra-high net worth individuals (HNWIs) in India, according to a report by global consulting firm Capgemini. HNWIs are those with investable surplus of $1 million or more.

Why is it important? Their number has grown by 19,000 (9%) in 2016, above the global growth rate of 7.5%. Better returns from equity markets fueled the growth of HNWIs in 2016. Globally, the population of ultra-HNWIs (with investable surplus of $30 million or more) grew by 8.3%.

Tell me more: The total HNWI population (with investable assets of $1 million or more excluding primary residence, collectibles, consumables and consumer durables) in 2016 was a record 16.5 million, whose wealth hit a record high of $63.5 trillion. is a search engine for public data

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