1 In 5 GST Taxpayers Now A Woman
Women now account for 15 per cent of the overall income taxpayers and hold 40 per cent of total bank deposits, showing significant progress in women empowerment: SBI Economic Research Report
MUMBAI: There has been a steady rise in women participation in India's formal economy. According to the SBI Economic Research Report, there are over 1.52 crore active Goods and Services Tax (GST) registrations and one-fifth of registered GST taxpayers in India now have at least one woman, and 14 per cent of registered taxpayers have all female members (on the basis of the constitution of business).
Alongside this, women now account for 15 per cent of the overall income taxpayers and hold 40 per cent of total bank deposits, showing significant progress in women empowerment.
The report also emphasized that a large number of Limited Liability Partnerships (LLPs) and Private Limited Companies are being formed with female participation, underlining the increasing formalization and entry of women into the corporate framework.
The report further noted that GST collections have doubled in just five years, with the average monthly gross GST collections now crossing the RS 2 lakh crore mark. This robust growth in revenue has strengthened India's fiscal position and made the indirect taxation system more efficient and transparent.
Surprisingly, some of the larger and richer states like Telangana, Tamil Nadu, Kerala, Andhra Pradesh and even Karnataka have low share in active GST taxpayers vis-à-vis the state’s share in overall Gross State Domestic Product (GSDP). Interestingly, states like Uttar Pradesh, Bihar & Gujarat share in total GST taxpayers is larger than the state’s share in overall GSDP This indicates that there is still a vast untapped potential in GST in these states, said the report.