Centre’s latest tax data explained in charts

livemint.com:

The government’s direct tax collections as a share of gross domestic product (GDP) reached a 15-year high of 6.1% in FY23, while the cost efficiency of collecting that amount has increased sharply in the past two decades, showed data released last week by the Central Board of Direct Taxes (CBDT). The dominance of direct taxes over indirect taxes in the government’s tax streams has been consistent over the past decade.

Among states, Telangana has contributed the fastest growth in total direct tax collections, while Bihar has been stable. However, the growth has been driven by a robust expansion in personal income tax, while the share of corporate tax has dwindled since the tax rate cuts in 2019.

The tax department received 77.8 million income tax returns in 2022-23, up 6.5% after a 1.2% decline in the previous year. This includes all categories including individuals and companies.