The Country’s net Direct Tax Collections has been increased by 160.52 percent from Rs. 6,38,596 Crore in 2013-14 to Rs. 16,63,686 Crore in 2022-23, according to the integrated time-series data released by the Central Board of Direct Taxes (CBDT) in this week.
The Gross Direct Tax collections of Rs.19,72,248 Crore in 2022-23 have registered an extend of over 173.31 percent compared to the corresponding figure of Rs. 7,21,604 Crore in 2013-14. The Direct taxes encompasses Personal Income tax and Corporate taxes.
The Direct Tax to Gross Domestic Product (GDP) Ratio has increased from 5.62 percent in 2013-14 to 6.11 percent in 2022-23. Meanwhile, the cost of Tax collection has decreased from 0.57 percent of total collection in 2013-14 to 0.51 percent of total collection in 2022-23.
The total number of Income Tax Returns filed in Financial Year 2022-23 stands at 7.78 Crore showing an increase of 104.91 percent as compared to Total number of Income Tax Returns of 3.80 Crore filed in Financial Year 2013-14.
