CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

The Central Board of Direct Taxes (CBDT) will be holding a high-level meeting to review the performance of tax collection of 2022-23 (FY23) under the direct tax category that includes income-tax (I-T) and corporate tax. 

An apex direct tax body, CBDT is scheduled to hold a meeting via video conference on December 21 between members of the board and top officers of the I-T department.

Wednesday’s meeting will be chaired by CBDT Chairman Nitin Gupta, along with other members.

CBDT has asked all chief commissioners, director generals, I-T commissioners (tax deducted at source) and those in international taxation units to attend the meeting.

Apart from a Budget review of tax collections for the fiscal year, it will take up the status of faceless assessment.

The meeting agenda is also likely to discuss the performance audit report of the Comptroller and Auditor General of India, with special attention to charitable trusts and the gems and jewellery sector, according to an internal letter assessed by Business Standard.

The move is being seen as part of a revenue maximisation exercise by the direct taxation authority ahead of Union Budget 2023-24. 

Last week, CBDT had asked officials to conduct a detailed analysis of the advance tax collection — both quarterly and year-wise — and asked them to maintain data of the top 15 advance taxpayers across the region, citing revenue maximisation and monitoring of advance tax collection exercise.

The high-level talks will also discuss the trend of collection figures and the outlook for the next fiscal year amid the Budget-making exercise. There are indications that the Revised Estimates of the tax collection will be higher than the Budget Estimates of Rs 14.2 trillion for FY23, informed a tax official. 

With the third instalment of advance tax collection, the net direct tax collection (after adjusting for refunds) for the current fiscal year, so far, grew 19.81 per cent to over Rs 11.35 trillion between April 1 and December 17, from Rs 9.47 trillion a year ago. The figure is about 80 per cent of the full-year Budget target. The government had set a target of Rs 14.2 trillion for direct tax receipts.

This included corporation tax collection of Rs 6.06 trillion and personal I-T, including securities transaction tax and mop-up of over Rs 5.26 trillion.

Gross collection (before adjusting for refunds) for the ongoing fiscal year was up 25.9 per cent to over Rs 13.63 trillion, from Rs 10.83 trillion a year ago.

The other items on agenda include assessment of automatic exchange of information and data safeguards framework, performance of the Commissioner of I-T (Appeals) in disposing of cases as decided in the annual plan of action of the CBDT.

It will also take up the issue of whether there is timely communication of all orders, high court judgments where any direction/observation pertains to the government or CBDT.

Revenue maximisation 

• CBDT chairman will hold meeting with senior I-T officials across the country 
• Meeting will focus on the budget collection of FY23
• It will take up the audit report on charitable trusts and gems & jewellery sector 
• Assessment of automatic exchange of info with other countries 
• Timely communication of CBDT views on order/judgment of high courts