Income-tax collection cost that the I-T Department incurs in the country is one of the lowest in the world at Rs 0.57 for every Rs 100 collected as tax, Shishir Agarwal, Chief Commissioner of Income Tax, Hyderabad, said on Thursday.
He was speaking at a seminar on 'Post-Union Budget 2023-24-Implication for Trade and Industries' organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI).
“We spend just 57 paise to collect every Rs 100 income-tax. We are one of the lowest in the world. The UK spends 73 paise, Japan 174 paise, Germany 135 paise, Canada 150 paise, France 111 paise. The USA is the only country that spends less than us,” a press release quoted him as saying.
According to him 65 per cent of I-T returns filed were processed and refunds made within 24 hours of filing.
Speaking about the Union Budget which was presented in Parliament on Wednesday, the official said it is ‘progressive’ and was presented in line with government of India policies and vision 2047.
The Budget was an effort in moving to a new tax regime which is simple and more open.
Anil Agarwal, president of FTCCI, said the Union Finance Minister Nirmala Sitharaman came out with a people-centric budget taking into consideration the global recession and slowing growth rate
