Gross Direct Tax collections for FY 2022-23 rise 30%, net collections up 23%
New Delhi, September 18, 2022
Net Direct Tax collections so far in financial year 2022-23 stood at Rs 7,00,669 crore, an increase of 23% over Rs 5,68,147 crore in the corresponding period of the previous financial year.
The net amount (net of refund) as on September 17, 2022 includes Corporation Tax (CIT) at Rs. 3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 3,30,490 crore, a press release from the Ministry of Finance said.
The gross collection of Direct Taxes (before adjusting for refunds) for FY 2022-23 stood at Rs. 8,36,225 crore as compared to Rs. 6,42,287 crore in the corresponding period of FY 2021-22, registering a growth of 30%.
The gross collection includes Corporation Tax (CIT) at Rs. 4,36,020 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 3,98,440 crore. Minor head-wise collection comprises Advance Tax of Rs. 2,95,308 crore; Tax Deducted at Source of Rs. 4,34,740 crore; Self-Assessment Tax of Rs. 77,164 crore; Regular Assessment Tax of Rs. 20,080 crore; and Tax under other minor heads of Rs. 8,933 crore.
The cumulative Advance Tax collections for the first and second quarter of the FY 2022-23 stood at Rs. 2,95,308 crore as on 17.09.2022, against Advance Tax collections of Rs. 2,52,077 crore for the corresponding period of the immediately preceding financial year, FY 2021-22, showing a growth of 17%.
The Advance Tax collection of Rs. 2,95,308 crore comprises Corporation Tax (CIT) at Rs. 2,29,132 crore and Personal Income Tax (PIT) at Rs. 66,176 crore.
The release said the robust pace of the growth of direct tax collections was a clear indicator of the revival of economic activity post pandemic, as also the result of the stable policies of the Government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology.
It said there had been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 93% of the duly verified ITRs having been processed till 17.09.2022. This has resulted in faster issue of refunds with almost a 468% increase in the number of refunds issued in the current financial year.
Refunds amounting to Rs. 1,35,556 crore have been issued in the FY 2022-23 till 17.09.2022, as against refunds of Rs. 74,140 crore issued during the corresponding period in FY 2021-22, an increase of more than 83%, the release added.