By November, direct tax revenue increased by 24.2% to $8.7 billion.
FinMin reports that 5.13 crore returns were made throughout July 2022, with 72.42 lakh ITRs being filed on that day alone.
According to today’s announcement from the finance ministry, net direct tax collections for the fiscal year 2022–23 are 24.26% greater than they were during the same time last year. The ministry said that the direct tax collection, which is the net of refunds, was $8.77 trillion as of November 30, 2022, up 24.26% YoY, using data from the Central Board of Direct Taxes (CBDT). The amount collected is 61.79% of the total amount of direct taxes for FY 2022–2023 which the budget has estimated.
The ministry said the facility of updated returns has been introduced to encourage voluntary compliance and reduce litigation. This gives taxpayers a chance to update the ITR any time within 2 years from the end of the relevant A.Y., by paying additional tax.
Sharing the ITR data, the ministry said July 31, 2022, marked the highest filing of ITRs in one day at 72.42 lakh, while a maximum of 5.13 crore ITRs were filed in a month in July. As of November 30, 2022, a total of 6.97 crores ITRs have been filed. This translates to around 570 ITRs filed per second, 9,573 filed in one minute and 5.17 lakh ITRs filed in one hour.
The increase in ITR filing peaked on July 31, 2022, when over 72.42 lakh ITRs were submitted on that day alone (the deadline for salaried taxpayers and other non-tax audit cases). On July 31, 2022, the e-filing platform also established several standards, including the highest ITR filing rates ever recorded in seconds (570 at 4:29:30 pm), minutes (9573 at 7:44 pm), and hours (5,17,030 between 5 and 6 pm).
The ministry says the government has settled ₹33,997 crores to CGST and ₹28,538 crores to SGST from IGST as regular settlement.
The net direct tax collection for the financial year 2022-23 is 24.26% higher than the corresponding period of the preceding year, the finance ministry said today. The ministry, citing CBDT (Central Board of Direct Taxes) data, said the direct tax collection, which is the net of refund, stands at ₹8.77 lakh crore as of November 30, 2022, up 24.26% YoY. The collection is 61.79% of the total Budget estimate of direct taxes for FY 2022-23.
There’s been a 66.92% growth in higher refunds issued up to November 30, 2022, during FY23 compared to the same period last year. Around ₹2.15 lakh crore worth of refunds have been issued between April and November 2022.
This year, a large portion of the data for ITR-1 was already prefilled with salary, interest and dividend income, making compliance easier. For other ITRs 2, 3, and 4, apart from this data, property details for rental income, brought forward losses, and MAT credit was also pre-filled.
The surge in filing ITRs peaked on 31st July 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh ITRs being filed on a single day i.e on 31st July 2022. The e-filing portal also set other benchmarks on 31st July 2022 including – the highest per second rate of ITR filing: 570 (at 4:29:30 pm), the highest per minute rate of ITR filing: 9573 (at 7:44 pm), and the highest per hour rate of ITR filing: 5,17,030, between 5 PM to 6 PM.
The CBDT recently also released a draft Common Income Tax Return Form for public consultation. At present, taxpayers are required to furnish ITR in ITR-1 to ITR-7, depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is applicable or not, which increases the time taken to file the ITRs.
In line with global best practices, the proposed draft ITR reexamines the return filing process. It suggests combining all current income tax returns—aside from ITR-7—to create a single, unified ITR. ITR-1 and ITR-4 will stay in place, nevertheless. This will give an alternative for such taxpayers to file the return, either in the existing form (ITR-1 or ITR-4), or the proposed common ITR.
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