Net direct tax collections surged by 160.52% from Rs. 6,38,596 crore in F.Y. 2013–14 to Rs. 16,63,686 crore in F.Y. 2022–23, reflecting strong fiscal growth. Gross direct tax collections reach Rs. 19,72,248 crore in F.Y. 2022–23, marking a remarkable 173.31% increase compared to Rs. 7,21,604 crore in F.Y. 2013-14.
Enhanced resources for collection amidst rising taxpayers
Despite a substantial rise in the number of taxpayers, the income tax department allocates increased resources to direct tax collection, indicating a reliance on advanced technology and improved compliance measures.
Cost of collection witnesses decline
The cost of collection decreased from 0.57% of total collection in 2013–14 to 0.51% in 2022–23. This decline reflects operational efficiency and a strategic allocation of resources.
Gross direct tax collections soar
Gross direct tax collections in 2022–23 amount to Rs 19,72,248 crore, marking a remarkable 173.31% increase from Rs 7,21,604 crore in 2013–14. This included both personal income tax and corporate tax.
Direct tax-to-GDP ratio is on the rise
The direct tax to GDP ratio climbed from 5.62% in 2013–14 to 6.11% in 2022–23, showcasing the increasing contribution of direct taxes to the country's GDP.
Diminished cost of tax collection
The cost of tax collection has seen a notable reduction, declining from 0.57% of total collection in 2013–14 to 0.51% in 2022–23, highlighting improved cost-efficiency.
Significant surge in ITR filings
The total number of Income Tax Returns (ITRs) filed in FY 2022–23 reaches 7.78 crore, reflecting a substantial increase of 104.91% compared to 3.80 crore filed in FY 2013–14.
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