Direct tax mop-up skyrockets 173%

India’s gross direct tax collection increased 173 per cent to over Rs 19.68 lakh crore in 10 years to 2022-23.

On a net basis, after adjusting refunds, direct tax collection zoomed 160 per cent since the 2013-14 fiscal to over Rs 16.61 lakh crore in 2022-23.

The Central Board of Direct Taxes (CBDT) has released Time-Series data as updated up to fiscal 2021-22 and also provided provisional data for 2022-23.

Direct Tax Buoyancy at 2.52 in FY 2021-22 is the highest Direct Tax Buoyancy recorded over the last 15 years.

The direct tax to GDP ratio has increased from 5.62 per cent in 2013-14 to 5.97 per cent in 2021-22.

The cost of collection has decreased from 0.57 per cent of the total collection in FY 2013-14 to 0.53 per cent of the total collection in FY 2021-22, CBDT added.