The net direct tax collections in India have witnessed a substantial increase of 160.52%, rising from Rs 6,38,596 crore in 2013-14 to Rs 16,63,686 crore in 2022-23, according to consolidated time-series data released by the Central Board of Direct Taxes (CBDT). The gross direct tax collections for 2022-23 amount to Rs 19,72,248 crore, marking a remarkable growth of over 173.31% compared to the corresponding figure of Rs 7,21,604 crore in 2013-14. Direct taxes include personal income tax and corporate tax.
Additionally, the direct tax to GDP ratio has increased from 5.62% in 2013-14 to 6.11% in 2022-23. Meanwhile, the cost of tax collection has decreased from 0.57% of the total collection in 2013-14 to 0.51% of the total collection in 2022-23.
The total number of Income Tax Returns (ITRs) filed in the fiscal year 2022-23 stands at 7.78 crore, indicating a significant increase of 104.91% compared to the total number of ITRs filed in FY 2013-14, which was 3.80 crore.
(With Agency Inputs)
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