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 released by the Central Board of Direct Taxes (CBDT). The figures disclosed on Tuesday indicate a substantial 104.91% increase in Income Tax Returns (ITRs) filed during the fiscal year 2022-23, compared to the 3.8 crore ITRs filed in 2013-14. Concurrently, net direct tax collections have seen a robust growth of 160.52%, surging from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23.
The CBDT data further reveals that gross direct tax collections experienced a notable uptick, rising by 173.31% to Rs 19,72,248 crore in FY23 from Rs 7,21,604 crore in FY14. During this period, the direct tax-to-GDP ratio increased from 5.62% to 6.11%. Despite this upward trend in tax collections, the cost of collection has witnessed a decrease, dropping from 0.57% of the total collection in FY14 to 0.51% in the previous fiscal year.
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