The income tax (IT) department seized assets worth Rs 992.5 crore during 2017-18, while 582 search and seizure operations were conducted during the financial year, Parliament was informed on Friday. In a written reply to the Lok Sabha, minister of state for finance Shiv Pratap Shukla said the I-T department seizes unaccounted/ undisclosed/ unexplained assets during the search and seizure operations.
The value of assets seized during the previous financial year (FY17) was nearly Rs1,470 crore, Shukla said. The total number of search and seizure operations conducted by the I-T department stood at 1,152 for the period.
In a separate reply, Shukla said the direct tax-GDP ratio improved to 5.98% in 2017-18, from 5.57% in 2016-17 and 5.47% in 2015-16.
The central indirect tax-GDP ratio was at 5.43% in fiscal 2017-18, against 5.65% in 2016-17 and 5.16% in 2015-16.
“According to Budget Estimate, the indirect tax (including CGST, IGST and compensation cess) to GDP ratio for 2018-19 has been fixed at 5.96%,” Shukla said. He added that several legislative steps, including simplification of tax collection rules, have been taken to increase the tax-GDP ratio.
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