Crorepati taxpayers on the rise in Gujarat

Ahmedabad: Gujarat has witnessed a significant surge of 49 per cent in the number of ‘crorepati’ taxpayers, individuals declaring an annual income of Rs1 crore or more, for the assessment year 2022-23, as per the latest data from the Central Board of Direct Taxes (CBDT).

Comparatively, the count of individuals with taxable income exceeding Rs1 crore surged by 4,500, reaching a record-breaking figure of 14,000, as indicated by official statistics, in contrast to the 9,300 individuals in the same bracket in the preceding year of 2021.

Remarkably, this marks the highest number of crorepati taxpayers recorded over the past five years, exhibiting a remarkable doubling from 7,000 to 14,000 individuals within this time frame. This surge gains even more significance when juxtaposed with the average taxpayer count of the Rs1crore-plus income category in the four preceding years, which stood at 8,200 individuals.

In the corporate realm as well, the number of crorepati taxpayers observed an increase, with an additional 1,000-odd individuals joining the ranks, resulting in a rise from 3,700 to 4,700 individuals. This data reflects a notable rise of 28 per cent.

The broader tax base in non-corporate categories within the state has also undergone growth, expanding by 4 per cent from 71.2 lakh taxpayers in the assessment year 2021-22 to 73.8 lakh taxpayers in 2022-23.Five years ago in 2018, the overall tax base was 62.5 lakh.