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India’s IT collection cost lowest in the world: Hyderabad Commissioner

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Hyderabad: The income tax collection cost that the Income Tax (IT) department incurs in India is the lowest in the world, said Shishir Agarwal, chief commissioner of IT (Hyderabad) here on Thursday. He added that India spends 57 paise per Rs 100 of tax collected.

The IT commissioner added that the United Kingdom spends spends 73 paise, Japan 174 paise, Germany 135 paise, Canada 150 paise, and France 111 paise for every Rs 100 IT collected respectively. “The USA is the only country that spends less than us,” stated Mr Agarwal, while addressing a Seminar hosted by the FTCCI  on ‘Post Union Budget 2023-2024—Implication for Trade and Industries’ in Hyderabad.

“I come from a department which people love to hate.  No one wants us to visit them in our official capacity.  But, we are doing really well.  The numbers reflect our performance.  For the year 2021-2022, we have collected an all time record tax. The net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh,” he said, according to a press release from FTCII.

The IT commissioner in Hyderabad also added that 65% of IT returns in India filed were processed and refunds were made within 24 hours of filing. “We have moved to a faceless tax process, which is the first in the world.  We understand tax payers’ aspirations and bring tailor-made initiatives for the benefit of tax payers for a better tomorrow. India’s time has come now,” Shishir Agarwal opined.

Speaking about the Union Budget released a day earlier, the Chief Commissioner of IT in Hyderabad called it ‘progressive’. Mr. Anil Agarwal, FTCCI president, said that union finance minister Nirmala Sitharaman came out with a “people centric budget”. Over 200 professionals, experts from different walks of life attended the seminar.

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( With inputs from www.siasat.com )

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