New Delhi: India’s net direct tax collections climbed 160.52 per cent to Rs 16,63,686 crore in 10 years between financial years 2022-23 and 2013-14. The country’s net direct tax collections had stood at Rs 6,38,596 crore in the financial year 2013-14.
‘Gross direct tax collections of Rs 19,72,248 crore in FY 2022-23 have registered an increase of over 173.31 per cent compared to gross direct tax collections of Rs 7,21,604 crore in FY 2013-14. The cost of collection has decreased from 0.57 per cent of total collection in the FY 2013-14 to 0.51 per cent of total collection in the FY 2022-23,’ the finance ministry said in a statement.
India’s direct tax-to-GDP ratio has increased from 5.62 per cent in FY 2013-14 to 6.11 per cent in FY 2022-23.
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The total number of ITRs filed in FY 2022-23 stands at 7.78 crore. It shows an increase of 104.91 per cent as compared to the total number of ITRs of 3.80 crore filed in FY 2013-14.
Earlier the ministry said that the net direct tax collection in India grew 19.41% to Rs 14.70 lakh crore so far in the current financial year 2023-24. As per Income Tax Department, the net direct tax collection has reached about 81% of the full-year target.Earlier, the Union government has decided to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax). This is 9.75% higher than the total tax collected in last fiscal. In last fiscal year, Rs 16.61 lakh crore was collected as net direct tax.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT). Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
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