The current fiscal year’s gross direct tax collections increased 30% to Rs8.36 lakh crore until September 17 on stronger advance tax mop-up supported by the post-pandemic economic recovery, the finance ministry reported on Sunday.
After accounting for refunds of Rs. 1.35 lakh crore, the net direct tax kitty climbed by 23% to Rs. The entire amount of direct taxes collected in 2022—23 was Rs8,36,225 crore as opposed to Rs6,42,287 crore at the same period the previous year, a 30% rise, according to a statement from the ministry.
This includes income from personal income tax (PIT), valued at Rs3.98 lakh crore, and corporate income tax, valued at Rs4.36 lakh crore. Direct tax collections have continued to increase at a strong rate as a consequence of the government’s steady policies, which focus on simplifying and streamlining procedures and plugging revenue leakage via efficient use of technology, the ministry said. This is a blatant sign that the economic downturn that followed the epidemic is finally coming to an end.
From April to September, advance tax receipts jumped 17% to Rs2.95 lakh crore. This includes the advance tax payments totaling Rs2.29 lakh crore made by corporate taxpayers. Net direct tax revenues climbed 23% to Rs7,00,669 crore from Rs5,68,147 crore during the same period in 2021—2022, after accounting for refunds (up from Rs5,68,147 crore). Refunds of Rs1,35,556 crore have been made as of September 17, 2022—2023, an increase of 83% from the same period in the previous year.
The processing time for income tax returns submitted for the current fiscal year has increased dramatically; as of 17.09.2022, around 93% of the legally recognized ITRs had been processed. The ministry claims that this has resulted in quicker refund processing, with almost a 468% increase in reimbursements granted in the current fiscal year.
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