Govt Rakes In Rs 13,63,649 Crore As Direct Tax In FY23, Collection Up By 26% Over Last Fiscal Year
The net direct tax collection of Rs 11,35,754 crore includes Corporation Tax at Rs 6,06,679 crore and personal income Tax including Securities Transaction Tax at Rs 5,26,477 crore.
New Delhi: India's gross direct tax collections stood at Rs 13,63,649 crore, recording a 25.90 per cent growth, in the financial year, as against ₹10,83,150 crore in the same period for the preceding year.
According to the Income Tax Department of India, the gross collection includes corporation tax (CIT) at Rs 7,25,036 crore and personal income tax (PIT), including STT at Rs 6,35,920 crore.
The net tax collection also saw a growth by 19.81% in the current fiscal year. It stood at Rs 11,35,754 crore as compared to Rs 9,47,959 crore in the corresponding period of the preceding year, which is about 80% of the full-year Budget target.
The figures of Direct Tax collections for the Financial Year 2022-23, as on Dec 17 show that net collections are at Rs 11,35,754 Cr, compared to Rs. 9,47,959 Cr in the corresponding period of the preceding Financial Year, representing an increase of 19.81%: Ministry of Finance pic.twitter.com/TYrUFhKmCm
— ANI (@ANI) December 18, 2022
Notably, the Budget estimated direct tax collection of Rs 14.20 lakh crore this financial year, that is higher than Rs 14.10 lakh crore collected last fiscal.
The growth in tax collection shows the economy rebounded from pandemic lows with rise in earnings.
Refunds of about Rs 2.28 lakh crore have been issued till December 17, recording a growth of 68 per cent.
A total of 2,27,896 crore of refunds have been issued so far this year as against refunds of Rs 1,35,191 crore issued during the corresponding period in the previous year.
The net direct tax collection of Rs 11,35,754 crore includes Corporation Tax at Rs 6,06,679 crore and personal income Tax including Securities Transaction Tax at Rs 5,26,477 crore.
Meanwhile, the cumulative advance tax collections for the first, second and third quarters stood at Rs 5,21,302 crore, against advance tax collection of Rs 4,62,038 crore last fiscal, showing growth of 12.83 per cent.
As per the Central Board of Direct Taxes (CBDT), there has been a remarkable increase in the speed of processing of income tax returns filed in the current fiscal, with almost 96.5 per cent of the duly verified ITRs having been processed till December 17.
"This has resulted in faster issue of refunds with almost a 109% increase in the number of refunds issued in the current financial year," it said.
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