In its ongoing commitment to transparency and information dissemination, the Central Board of Direct Taxes ( CBDT ) has released consolidated Time-Series data, providing an extensive overview of Direct Tax collections and administration from Financial year ( F.Y ) 2000 to 2022-23. The statistics pointed out that there is a huge increase in the Income Tax Returns ( ITR ) filings as compared to data of 2013-14 ITR filers.
The release includes key highlights showcasing substantial growth and positive trends in India’s Direct Tax landscape.
Net Direct Tax Collections have witnessed an impressive surge of 160.52%, escalating from Rs. 6,38,596 crore in F.Y. 2013-14 to an impressive Rs. 16,63,686 crore in F.Y. 2022-23.
F.Y. 2022-23 recorded Gross Direct Tax Collections reaching Rs. 19,72,248 crore, reflecting a remarkable increase of 173.31% compared to the figures from F.Y. 2013-14, which stood at Rs. 7,21,604 crore.
The Direct Tax to GDP ratio has shown positive growth, increasing from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23, highlighting the expanding contribution of Direct Taxes to the nation’s GDP.
Notably, the Cost of collection has witnessed a decline, decreasing from 0.57% of the total collection in F.Y. 2013-14 to 0.51% in F.Y. 2022-23, signalling enhanced efficiency in tax administration.
The total number of Income Tax Returns ( ITRs ) filed in F.Y. 2022-23 stands at an impressive 7.78 crore, marking a substantial increase of 104.91% compared to the 3.80 crore ITRs filed in F.Y. 2013-14.
The release of this comprehensive Time-Series data into the public domain serves as a valuable resource for academicians, research scholars, economists, and the general public. It allows for an in-depth examination of long-term trends, providing insights into the effectiveness and efficiency of Direct Tax administration in India. This wealth of information will contribute to informed analysis and a deeper understanding of the nation’s fiscal landscape.
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