Just 18,359 crorepatis in India? |
Believe it or not but according to India`s finance ministry data just 18,359 individuals — barely a quarter of the number of people who visit Select Citywalk Mall in the capital on a Saturday — reported annual earnings of Rs 1 crore or higher in 2011-12 and paid tax on it. Consumption and spending data for the year, especially of luxury products, shows how deceptive these numbers may be and blows holes in the government’s official estimate of the number of taxpayers. For instance, just four luxury car makers, Audi, BMW, Mercedes-Benz and Jaguar-Land Rover, reported sales of 25,645 units in 2011-12 of cars having an average price tag of Rs 40 lakh each.That year, in Mumbai, an estimated 1,880 luxury apartment units in the price range of Rs 10 crore-Rs 100 crore were reported to have come up for sale.Or that just one luxury product mall, Delhi’s DLF Emporio, reported revenue from operations at Rs 113 crore and net profit stood at Rs 61 crore in 2012-13 (data for 2011-12 was unavailable), almost entirely from the sale of high-end luxury products such as watches, bags and apparel.The government’s estimate of 18,359 assesses reported to be earning Rs 1 crore or above corresponds to just 0.06 per cent of the total 28.7 million individual tax assesses, according data made public by the government until assessment year 2012-13 (financial year 2011-12).
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