CBDT: The growth in direct tax revenue in terms of change in GDP stood at 2.52 per cent in the financial year 2021-22. This is the highest in the last 15 years. Direct tax collection as a proportion of GDP increased from 5.62 per cent in 2013-14 to 5.97 per cent in 2021-22.
Income Tax Payers: Income Tax Payers in the country have hoisted their flags this time. Gross direct tax collection in the country jumped by 173 percent to more than Rs 19.68 crore in the last financial year 2022-23. Net direct tax collection after adjusting tax refunds increased by 160 percent to Rs 16.61 lakh crore during the financial year 2013-14 to 2022-23.
Updated figures for 2021-22 released
Updated figures for 2021-22 have been released by the Central Board of Direct Taxes (CBDT). Along with this, provisional figures have been given for 2022-23. In terms of change in GDP, the growth in direct tax revenue stood at 2.52 per cent in the financial year 2021-22. This is the highest in the last 15 years. Direct tax collection as a proportion of GDP increased from 5.62 per cent in 2013-14 to 5.97 per cent in 2021-22.
Announcing the new tax regime,
CBDT said that the tax collection cost was 0.57 percent in the financial year 2013-14, which came down to 0.53 percent in 2021-22. Earlier, giving relief to the tax payer, a new tax regime was announced in the budget by the government. From April 1, the new tax regime will be the default tax regime. The entire format on the ITR portal will be as per the new tax regime.
Change in tax slab!
With the new tax regime, there have been changes in the tax slabs from April 1. Now the earlier 7 tax slabs have been reduced to 6. In this, income up to 3 lakhs is tax free. In the old tax regime, income up to 2.5 lakh remains tax free. Under the new tax regime-
- Income from 3 to 6 lakhs—5%
- on income from 6 to 9 lakhs—10%
- on income from 9 to 12 lakhs—15%
- on income from 12 to 15 lakhs—-20 % and
- income above 15 lakh will be taxed at 30%
