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104.91% Hike in ITR Filing; CBDT releases Direct Tax Statistics via Time-Series Data
CBDT Releases Time-Series Data Showing Impressive Growth in Direct Tax Collections and ITR Filings
CBDT Releases Time-Series Data Showing Impressive Growth in Direct Tax Collections and ITR Filings
The Central Board of Direct Taxes (CBDT) has released Time-Series data, showcasing significant growth in Direct Tax collections and a substantial increase in Income Tax Returns (ITRs) filed. The data highlights a surge in Net and Gross Direct Tax Collections, an uptick in the Direct Tax to GDP ratio, and a decline in the cost of collection. This release aims to provide transparency and valuable insights into the effectiveness and efficiency of Direct Tax administration in India.
Key Takeaways:
- Impressive surge in Net Direct Tax Collections by 160.52% from F.Y. 2013-14 to F.Y. 2022-23.
- Remarkable increase in Gross Direct Tax Collections by 173.31% over the same period.
- Positive growth in the Direct Tax to GDP ratio, increasing from 5.62% to 6.11%.
- Decline in the cost of collection, signaling enhanced efficiency in tax administration.
- Substantial increase of 104.91% in the total number of ITRs filed in F.Y. 2022-23 compared to F.Y. 2013-14.
Synopsis:
The Central Board of Direct Taxes (CBDT) has released Time-Series data, providing an extensive overview of Direct Tax collections and administration from Financial Year (F.Y) 2000 to 2022-23. The statistics highlight substantial growth and positive trends in India’s Direct Tax landscape. Here are the key highlights from the released data:
Key Statistics:
- Net Direct Tax Collections Surge: 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.
- Gross Direct Tax Collections Hit New Heights: 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.
- Direct Tax to GDP Ratio Witnesses Uptick: 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.
- Cost of Collection Declines: 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, signaling enhanced efficiency in tax administration.
- Surge in ITR Filings: 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.
FAQ:
Q1: What is the significance of the CBDT’s release of Time-Series data?
A1: The release of Time-Series data provides valuable insights into the long-term trends and effectiveness of Direct Tax administration in India, benefiting academicians, research scholars, economists, and the general public. Q: How has the Direct Tax landscape in India evolved from F.Y. 2013-14 to F.Y. 2022-23?
A2: The data shows impressive growth in Net and Gross Direct Tax Collections, an increase in the Direct Tax to GDP ratio, and a substantial surge in the number of ITRs filed, reflecting positive trends in the Direct Tax landscape. Q3: What does the decline in the cost of collection signify?
A3: The decline in the cost of collection indicates enhanced efficiency in tax administration, leading to improved cost management and resource utilization.
