File ITR at Earliest as Government Not Contemplating Extension of July 31 Deadline: Revenue Secretary

Revenue Secretary Sanjay Malhotra has urged income tax payers to submit their returns early, as the finance ministry has no plans to extend the July 31 deadline.

He expressed optimism that this year's filing numbers would surpass the previous year. Approximately 5.83 crore income tax returns were filed by the last day of July for the assessment year 2022-23.

Malhotra extended gratitude to the income tax return filers for their faster pace of filing compared to the previous year. He advised them not to wait until the last moment and not to expect any deadline extensions. Instead, he encouraged them to file their tax returns as soon as possible due to the approaching July 31 deadline.

Regarding tax mobilization targets, Malhotra stated that it is in line with the growth rate of 10.5 per cent. The Goods and Services Tax (GST) growth rate stood at 12 per cent, but the excise duties growth rate was lower due to rate reductions. He remained optimistic about achieving the targets, especially as the impact of decreased tax rates subsided.

According to the Budget for 2023-24, the government aims for gross tax receipts of Rs 33.61 lakh crore in the current fiscal year. The target for tax mobilization from corporate and individual income tax is set at Rs 18.23 lakh crore, representing a 10.5 per cent increase from the previous year.

Customs duty collections are projected to rise by 11 per cent to Rs 2.33 lakh crore, while GST collections are expected to grow by 12 per cent to reach Rs 9.56 lakh crore.

Overall, the gross tax collection is estimated to increase by 10.45 per cent to Rs 33.61 lakh crore in 2023-24, compared to the previous year's collection of Rs 30.43 lakh crore.