India’s Revenue Secretary, Sanjay Malhotra, has urged taxpayers to submit their income tax returns promptly as the Finance Ministry has no plans to extend the current July 31 deadline.
Malhotra expressed optimism in an interview with PTI, stating, “We expect that the filing would be higher than the last year…we are hopeful that it should be more than the last year.” About 5.83 crore income tax returns were filed by the same date in the previous year. The Secretary expressed gratitude to the taxpayers for their prompt filing and advised against waiting until the last minute, reiterating that no deadline extensions should be expected.
Regarding the tax mobilisation target, Malhotra indicated it aligns closely with the projected growth rate of 10.5%. However, the Goods and Services Tax (GST) has exceeded this target with a growth rate of 12% to date.
On the downside, the growth rate on excise duties, affected by a recent rate reduction, has dipped below 12%. Malhotra anticipates a rise in collections once the impact of the decrease wears off.
According to the 2023-24 Budget, the government aims for gross tax receipts of Rs 33.61 lakh crore in the current fiscal year, a 10.45% increase from the Rs 30.43 lakh crore collected last financial year.
