India's Net Direct Tax Collections Till June 16 Of FY22-23 Jump 45 Per Cent
Gross tax collections for the financial year 2022-23 grown at about 40 per cent
The net direct tax collections till mid-June (as on June 16, 2022) showed that the net collections are at Rs 3.39 lakh crore compared to Rs 2.33 lakh crore over the corresponding period of the preceding year, representing a rise of 45 per cent over the collections of the preceding year.
According to release by Ministry of Finance, The net collection in FY22-23 has clocked growth of 171 per cent over the corresponding period of FY20-21 when the net collection was Rs 1.25 lakh crore, and growth of 103 per cent over the corresponding period of FY19-20 when the net collection was Rs 1.67 lakh crore.
The net direct tax collection of Rs 3.39 lakh crore include Corporation Tax at Rs 1.70 lakh crore (net of refund) and Personal Income Tax (PIT), including Security Transaction Tax (STT) at Rs 1.67 lakh crore (net of refund).
The gross collection of Direct Taxes (before adjusting for refunds) for the FY22-23 stands at Rs 3.69 lakh crore compared to Rs 2.64 lakh crore in the corresponding period of the preceding year, representing an increase of almost 40 per cent over the collections of the preceding year.
The advance tax collections for the first quarter of the FY22-23 stand at Rs 1.01 lakh crore against Rs 75,783 crore for the corresponding period of the immediately preceding financial year, showing growth of more than 33 per cent. This comprises Corporation Tax at Rs 78,842 crore and Personal Income Tax at Rs 22,175 crore. This amount is expected to rise as further information is received from banks, the release said.
The TDS collections for FY22-23 stand at Rs 2.29 lakh crore against Rs 1.57 lakh crore for the corresponding period of the immediately preceding financial year, showing growth of nearly 46 per cent.
The self-assessment tax collections for FY22-23 stand at Rs 21,849 crore against Rs 15,483 crore for the corresponding period of the immediately preceding financial year, showing growth of over 41 per cent.
Refunds amounting to Rs 30,334 crore have also been issued in the FY22-23.
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