23% surge in direct tax collection so far this fiscal year

28 Sep 2022 , 06:10 AM

The income tax department reported on Tuesday that the net direct tax collection had grown 23% to Rs7.04 lakh crore so far, this fiscal. Nitin Gupta, the chairman of the Central Board of Direct Taxes (CBDT), reported that in 2021—2022, income and corporate tax revenues reached a new high of Rs14.09 lakh crore.

“The momentum of the prior fiscal continues in this fiscal,” said Gupta to ET. “Net direct tax collections are at Rs7.04 lakh crore so far, up 23% over the same period last fiscal.”

Gupta stated that the I-T e-filing platform has stabilized and that as of July 31 it had facilitated the filing of 5.83 crore tax returns at the Finance Minister’s Award ceremony for CBDT personnel. In a day, a record 72 lakh returns were submitted via the platform.

Gupta claimed that so far this year, I-T refunds totalling Rs1.41 lakh crore have been issued, an increase of 83% over the same period the previous year.

For feedback and suggestions, write to us at [e-mail]