Is the Government Planning to Extend the ITR Filing Deadline? Here’s What Revenue Secretary Says
Revenue Secretary Sanjay Malhotra has urged income taxpayers to file their return as soon as possible, as the finance ministry does not plan to extend the July 31 deadline. Last year, approximately 5.83 crore income tax returns were filed by the deadline.
Malhotra expressed optimism that this year’s filing would exceed last year’s numbers. He advised taxpayers not to wait until the last moment and not to expect any deadline extensions. He emphasized the importance of filing tax returns early, with the deadline approaching fast.
In terms of tax mobilization targets, Malhotra stated that it is on track with the expected growth rate of 10.5%. However, the growth rate for excise duties is currently lower than expected due to rate reductions. Malhotra hopes that once the impact of the rate reductions is over, there will be an increase in excise duties collection.
According to the Budget for 2023-24, the government aims to achieve gross tax receipts of Rs 33.61 lakh crore in the current fiscal year. This includes a target of Rs 18.23 lakh crore from corporate and individual income tax. Customs duty collections are expected to rise by 11% to Rs 2.33 lakh crore, and GST collections are projected to grow by 12% to Rs 9.56 lakh crore.
Overall, the government expects the gross tax collection to grow by 10.45% to Rs 33.61 lakh crore in 2023-24 compared to the previous fiscal year.