India recorded its highest net direct tax collection of ₹14.09 lakh crore in FY 2012; Figures over indirect tax metrics
India recorded its highest net direct tax collection of ₹14.09 lakh crore in FY 2012; Figures over indirect tax metrics
Central Board of Direct Taxes (CBDT) Chairman JB Mohapatra said here that India’s net direct tax collection for FY22 stood at ₹14,09,640.83 crore, which is the highest ever collection, indicating that the Indian economy has Has bounced back two years after the pandemic. on Tuesday.
“As against ₹14.09 lakh crore this year, our collection in 2020-21 was only ₹9.45 lakh crore. In the same year, we went up by around Rs 4.5 lakh crore registering a growth of 49.02%,” he said while addressing a press conference.
“As far as Income Tax and Corporation Tax is concerned, ₹14.09 lakh crore collection is the best ever. Earlier, the department had reached the figure of ₹11.44 lakh crore in 2018-19 only.
The Gross Direct Tax collection for FY 2012 (before adjustment for refunds) stood at Rs 16,34,454.95 crore as against Rs 12,31,270.52 crore in FY 2011, representing a growth of 32.8%.
“The increase in the net and gross collection numbers is a major indicator of the strength of the Indian economy. This gives a clear indication that the Indian economy has returned after two pandemic years,” said Mr. Mohapatra.
“At present, the direct tax-GDP ratio is around 12%,” it said, adding that the department was working to raise the ratio to 15-20% in 5-10 years. “This year the direct tax collection has surpassed the indirect tax collection which was otherwise till last year. It is 52% now… We aim to see 60% tax contribution coming from direct tax in a few years,” the CBDT chairman said.
“Apart from the strengthening factor of the Indian economy, the increase in tax collections is attributed to the number of reforms initiated by the Government of India. During the last five to six years, reforms within the department and reforms outside the department played a major role in keeping the economy together,” he stressed.
The Chairman, CBDT elaborated that, “Our technological incorporation has improved the functioning of the department and the information collection system. Everyone’s financial transactions are compiled from different sources and from different entities. It helps the taxpayers to get their transactions done quickly. Enables quick viewing. The Annual Information System (Phase I and II) captures various financial transactions. They are not only compiled but sent back. This has had a positive impact on our collection numbers.
“We are taking steps to expand the taxpayer base. We also want taxpayers to migrate from lower quartile taxable entities to higher institutions,” said Mr. Mohapatra.
According to the CBDT, over 7.14 crore Income Tax Returns (ITRs) were filed for assessment year 2021-22 on the new e-filing portal, while 6.97 crore ITRs were filed for AY 2020-21, registering a growth of 2.4%. represent.