Government data released by the Central Board of Direct Taxes (CBDT) on Tuesday revealed a significant surge in the number of taxpayers filing income tax returns over the past decade. In the fiscal year 2022-23, the number of Income Tax Returns (ITRs) filed reached 7.78 crore, marking a substantial 104.91% increase compared to the 3.8 crore ITRs filed in 2013-14.
Concurrently, the net direct tax collections experienced a noteworthy growth of 160.52%, escalating from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, as per the CBDT statistics. The government has set a direct tax collection target of Rs 18.23 lakh crore for the current fiscal year, representing a 9.75% increase over the Rs 16.61 lakh crore collected in the previous fiscal.
The gross direct tax collections also witnessed a substantial rise of 173.31%, reaching Rs 19,72,248 crore in FY23 from Rs 7,21,604 crore in FY14. Additionally, the direct tax-to-GDP ratio showed an increase from 5.62% to 6.11% during this period.
While the tax collections have seen robust growth, there is a positive aspect in terms of cost efficiency. The cost of collection has decreased from 0.57% of the total collection in FY14 to 0.51% of the total collection in the previous fiscal year, showcasing a commendable improvement in operational efficiency.
(With Agency Inputs)
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