“So, I would advise them to file their tax return at the earliest because the deadline of July 31 is approaching fast,” he said.
The government has stated that it will not extend the deadline for filing Income Tax Returns (ITR) beyond July 31 and has urged taxpayers to file their returns at the earliest. This means that taxpayers have until July 31 to file their ITRs for the financial year 2022-23.
“We expect that the filing would be higher than the last year…we are hopeful that it should be more than the last year,” Revenue Secretary Sanjay Malhotra said in an interview to PTI.
According to the Income Tax Department, about 5.83 crore income tax returns were filed as on July 31, 2022, the last day for filing returns for assessment year 2022-23. This is a significant increase from the 4.83 crore returns filed in the previous year.
“We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait to the last moment and also not to hope for any extensions. “So, I would advise them to file their tax return at the earliest because the deadline of July 31 is approaching fast,” he said.
According to Malhotra, the tax mobilisation aim is roughly in line with the anticipated growth rate of 10.5 percent.
He stated that the growth rate for the Goods and Services Tax (GST) is currently 12 per cent. However, due to rate reductions, the increased rate of excise duty is less than 12 per cent.
“It is rather negative as of now. Hopefully going forward, once the impact of the decrease in the tax rates is over, we will see some increase in collection of excise duties. So, overall we feel it’s still early days…we feel that we should be able to achieve the target,” he said.
The government forecasts gross tax receipts of Rs 33.61 lakh crore in the current fiscal year, according to the Budget 2023-24. As per the Budget papers, the government hopes to raise Rs 18.23 lakh crore from this, which is 10.5 per cent more than what it collects from corporate and individual income taxes.
Customs duty collections are estimated to increase by 11 per cent to Rs 2.33 lakh crore in FY23, up from Rs 2.10 lakh crore in the revised forecasts. GST collections are expected to increase by 12 per cent in the upcoming fiscal year to Rs 9.56 lakh crore.
Taking both direct and indirect taxes into account, gross tax collection is predicted to increase by 10.45 per cent to Rs 33.61 lakh crore in 2023-24, up from Rs 30.43 lakh crore in the previous fiscal year.
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