Government Firm: No Extension for ITR Filing, Deadline Set for July 31

The Indian government has made it clear that the deadline for filing Income Tax Returns (ITR) will not be extended beyond July 31. Taxpayers are urged to submit their returns as soon as possible for the financial year 2022-23.

Revenue Secretary Sanjay Malhotra expressed optimism that the number of filings would surpass the previous year. He acknowledged the significant increase in the number of returns filed by the July 31 deadline for the assessment year 2022-23, with approximately 5.83 crore returns compared to the previous year's 4.83 crore. Malhotra thanked the filers for their promptness and advised them not to wait until the last moment or expect any extensions. He emphasized the approaching deadline and encouraged taxpayers to file their returns at the earliest.

In terms of tax revenues, the growth rate for Goods and Services Tax (GST) currently stands at 12 percent. However, due to rate reductions, the growth rate for excise duty is less than 12 percent. Malhotra expressed the hope that as the impact of the decreased tax rates diminishes, there will be an increase in excise duty collections. Despite the current negative trend, he believes it is still early days and expects to achieve the target in due course.

According to the Budget 2023-24, the government projects gross tax receipts of Rs 33.61 lakh crore for the current fiscal year. The aim is to raise Rs 18.23 lakh crore from this, which represents a 10.5 percent increase over the revenue collected from corporate and individual income taxes.

Customs duty collections are estimated to rise by 11 percent to Rs 2.33 lakh crore in FY23, surpassing the revised forecasts of Rs 2.10 lakh crore. GST collections are also expected to increase by 12 percent in the upcoming fiscal year, reaching Rs 9.56 lakh crore.

Considering both direct and indirect taxes, the gross tax collection is predicted to grow by 10.45 percent to Rs 33.61 lakh crore in 2023-24, compared to Rs 30.43 lakh crore in the previous fiscal year.

In conclusion, the government is firm on the July 31 deadline for filing Income Tax Returns and urges taxpayers to submit their returns without delay. The positive growth in tax filings and the government's revenue expectations indicate the importance of timely compliance.