7.78 crore Indians filed Income Tax: Govt Data, Govt has set target of Rs 18 lac crore Tax Collection
Over the past decade, the number of individuals filing income tax returns in India has more than doubled, reaching 7.78 crore, according to government data. The Central Board of Direct Taxes (CBDT) released key statistics on Tuesday, revealing a substantial increase of 104.91% in the number of Income Tax Returns (ITRs) filed during FY23 compared to 2013-14, with 3.8 crore ITRs filed at that time.
In the same period, net direct tax collections witnessed a significant surge, rising by 160.52% from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in FY23, as reported by the CBDT. The government has set a target to collect Rs 18.23 lakh crore from direct taxes (including personal income tax and corporate tax) for the current fiscal year, reflecting a 9.75% increase from the Rs 16.61 lakh crore collected in the previous fiscal.
According to CBDT data, gross direct tax collections exhibited a substantial growth of 173.31%, reaching Rs 19,72,248 crore in FY23 compared to Rs 7,21,604 crore in FY14. Simultaneously, the direct tax-to-GDP ratio increased from 5.62% to 6.11%.
Despite these increases, the cost of tax collection has decreased, dropping from 0.57% of the total collection in FY14 to 0.51% in the previous fiscal year.
