CBDT Press Release Dated 23 January 2024: Direct Tax Statistics for Financial Year 2022-23
In a recent development, the Central Board of Direct Taxes (CBDT) has unveiled crucial statistics regarding Direct Tax collections and administration for the financial year 2022-23 in a press release dated January 23, 2024. The CBDT, as part of its ongoing commitment to transparency, has made available Consolidated Time-Series data updated up to FY 2022-23. Here are the noteworthy highlights:
Impressive Growth in Net Direct Tax Collections
A remarkable surge of 160.52% is witnessed in Net Direct Tax Collections, soaring from Rs. 6,38,596 crores in FY 2013-14 to a substantial Rs. 16,63,686 crores in FY 2022-23.
Surge in Gross Direct Tax Collections
Gross Direct Tax Collections for FY 2022-23 reached Rs. 19,72,248 crores, marking a noteworthy increase of 173.31% compared to the Rs. 7,21,604 crores recorded in FY 2013-14.
Positive Trend in Direct Tax to GDP Ratio
The Direct Tax to GDP ratio shows a positive trend, escalating from 5.62% in FY 2013-14 to 6.11% in FY 2022-23.
Efficient Cost of Collection
The cost of collection has demonstrated efficiency, decreasing from 0.57% of the total collection in FY 2013-14 to a lower 0.51% in FY 2022-23.
Substantial Increase in ITR Filings
The total number of Income Tax Returns (ITRs) filed in FY 2022-23 reached 7.78 crores, exhibiting a substantial growth of 104.91% compared to the 3.80 crores filed in FY 2013-14.
Statistical Overview
| Progress Scale | FY 2013-14 | FY 2022-23 | Percentage Increase |
| Net Direct Tax Collections | Rs. 6,38,596 Cr | Rs. 16,63,686 Cr | 160.52% |
| Gross Direct Tax Collections | Rs. 7,21,604 Cr | Rs. 19,72,248 Cr | 173.31% |
| Direct Tax to GDP Ratio | 5.62% | 6.11% | Positive Trend |
| Cost of Collection (as % of total) | 0.57% | 0.51% | Decrease |
| Total ITRs filed | 3.80 Cr | 7.78 Cr | 104.91% |
This release of Time-Series data into the public domain is a significant step by CBDT, offering valuable insights for academicians, research scholars, economists, and the general public. It allows for an in-depth study of long-term trends, highlighting the effectiveness and efficiency of Direct Tax administration in India.
This data not only showcases the robust growth in tax collections but also reflects the prudent management and efficiency improvements in the Direct Tax administration landscape in India.
Readers can Download the CBDT Press Release HERE
To Access the CBDT Circular 1/2024 (Explanatory Note of CBDT on Provisions of Finance Act 2023) CLICK HERE
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