Direct Tax Statistics

Direct Tax Statistics

Context:

The Central Board of Direct Taxes (CBDT) has released significant direct tax statistics through comprehensive time-series data.

Relevance:

GS-03 (Economy)

Details:

  • CBDT has now published Consolidated Time-Series data updated until F.Y. 2022-23.
  • Here are some key highlights from these statistics:
    • Net Direct Tax Collections have 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.
    • Gross Direct Tax Collections reached Rs. 19,72,248 crore in F.Y. 2022-23, marking a remarkable growth of over 173.31% compared to Rs. 7,21,604 crore in F.Y. 2013-14.
    • Direct Tax to GDP ratio has seen an uptick from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23.
  • Moreover, the cost of collection has declined from 0.57% of the total collection in F.Y. 2013-14 to 0.51% in F.Y. 2022-23.
  • Additionally, the total number of Income Tax Returns (ITRs) filed in F.Y. 2022-23 has reached 7.78 crore, indicating a notable surge of 104.91% compared to the 3.80 crore ITRs filed in F.Y. 2013-14.
  • The availability of this time-series data in the public domain will be instrumental for academicians, researchers, economists, and the general public in analyzing the long-term trends concerning various aspects of the efficacy and efficiency of Direct Tax administration in India.