Gujarat’s economy back on track, says I-T dept

If any further evidence is needed to prove that Gujarat’s economy is back on track, then here is some reliable information to go by. Data released by the I-T department on Tuesday indicates that, in 2009-10, Gujaratis paid Rs15,240 crore as income tax, which is 20.69% more than the Rs12,627 crore paid by them in the previous year.

Though this exceeds the I-T department’s target of Rs14,790 crore for the state, the amount paid as income-tax by Gujaratis constitutes only 4% of Rs 3,79,000 crore, the total amount collected by the I-T department in the country in 2009-10.
That Gujarat was indeed affected by recession is again evident from the returns filed in 2008-09.

In the 2008-09 fiscal, the I-T department could collect only Rs12,627 crore as tax in the state, which was way below its target of Rs14,545 crore.

“The economy is doing well and we expect to exceed our targets in the 2010-11 fiscal as well. Every year, the target increases by 14% and the same is expected this year too,” said chief commissioner I-T, Gujarat, DS Rastogi. Undisclosed income in Gujarat has
also grown.