Only 1% Indians pay income tax: NITI Aayog CEO
December 21, 2016 19:26
Chief Executive Officer of NITI Aayog Amitabh Kant today said just one per cent of India's more than 1.25 billion population pays income tax and the country cannot afford as high as 95 per cent of its economy making cash transactions.
Addressing a workshop on cashless transaction organised by the National Disaster Response Force, Kant said India cannot afford as high as 95 per cent of its economy making cash transactions if the economy has to be taken from $2 trillion to $10 trillion by the year 2030.
"Besides, only 1 per cent of the more than 1.25 billion population pays income tax," he said.
Kant said there are more than a billion mobile phone subscribers in India and more than one billion Aadhaar biometrics have been created so far, according to an official release.
He said with an aim to push India among the top economies of the world, the government has enrolled nearly 26 crore people under the Pradhan Mantri Jan-Dhan Yojana and more than 20 crore RuPay cards issued.
The time is here to make a transition to cashless transactions, he said.
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