Market Size
In our case, The total Market size is the sum of Market Size of Bill Payment and Tax refund for India, Australia, and United States of America.
Market Size for Bill Payment
| Bill Payment (2021) | ||
|---|---|---|
| Total Direct Debit | ||
| USA | AUS | IND |
| $20 Billion USD | $1 Billion USD | $1.1 Billion USD |
| Total: $ 22.1 Billion USD (2021) | ||
Bill Payment in USA
As of 2021, in the USA, the value of direct debit payments, which include the transactions made by individuals to settle their recurring expenses, amounts to $20 billion USD.
Bill Payment in Australia
The total direct debit payments for Australia as per 2021 were found to be around $1 billion USD, which accumulates recurring transactions such as utility bills, mortgage or rent payments, subscriptions, etc.
Bill Payment in India
According to the data of 2021, the total direct debit payments made by the taxpayers of India were found to be around $1.1 billion USD encompassing all the recurring bills and regular payments.
Market Size for Tax Refund
| Tax Refund | |||
|---|---|---|---|
| Country | Total TDS collected | Total tax return filed | Total tax return |
| USA (2022) | $4.9 trillion USD | 262.8 million | $641.7 billion USD |
| AUS(FY2022-2023) | $187 billion USD | 14 million | $28 billion USD |
| IND(FY2022-2023) | $202 billion USD | 58.3 million | $35 billion USD |
| Total | $5.2 trillion USD | 335 million | $704.7 billion USD |
Tax Refund in USA
As per the reports of the yearly budget plan of 2022 the Total Tax Deducted at source (TDS) collected from the US government at the end of every month was estimated to be around $4.9 trillion USD for bill transactions made by every tax paying individual.
The estimated number of regular taxpayers filing for tax refunds in the US is around $262.8 million.
For this vast amount of people filing for refunds the US government estimates to return the amount of $641.7 billion USD.
Tax Refund in Australia
The Australian government has collected approximately $272 billion AUD which is 187 billion USD, in Tax Deducted at Source (TDS) from its citizens.
In Australia, around 14 million regular taxpayers file their Income Tax Returns (ITR).
Out of these filings, the IT department of the country provides tax refunds amounting to approximately $42 billion AUD which is equivalent to $28 billion USD.
Tax Refund in India
From all the billing transactions made by the citizens, the Government of India collects approximately Rs. 16.61 lakh crore, which is $202 billion USD in Tax Deducted at Source (TDS).
The number of tax returns filed by Indian citizens amounts to approximately 58.3 million.
Out of these tax returns, the government refunds a substantial sum of Rs. 2.95 lakh crore in INR, which is $35 billion USD to eligible taxpayers.