India's net direct tax collection rises 23% yoy to Rs7 lakh crore so far in FY23: Centre

19 Sep 2022 , 08:25 AM

The figures of Direct Tax collections for the FY2022-23, as on September 17.09.2022 registers net collection figures at Rs7,00,669 crore, compared to Rs5,68,147 crore in the corresponding period of the preceding Financial Year i.e. FY 2021-22, representing an increase of 23%.

The Net Direct Tax collection of Rs7,00,669 crore (net of refund) includes Corporation Tax (CIT) at Rs3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs3,30,490 crore.

The Gross collection of Direct Taxes (before adjusting for refunds) for the FY2022-23 stood at Rs8,36,225 crore compared to Rs6,42,287 crore as against figures of preceding Financial Year i.e. FY 2021-22, registering a growth of 30% over collections of FY2021-22.

The Gross collection of Rs8,36,225 crore includes Corporation Tax (CIT) at Rs4,36,020 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs3,98,440 crore. Minor head wise collection comprises Advance Tax of Rs2,95,308 crore; Tax Deducted at Source of Rs4,34,740 crore; Self-Assessment Tax of Rs77,164 crore; Regular Assessment Tax of Rs20,080 crore; and Tax under other minor heads of Rs8,933 crore.

The cumulative Advance Tax collections for the first and second quarter of the FY 2022-23 stand at Rs2,95,308 crore as on September 17, 2022, against Advance Tax collections of Rs2,52,077 crore for the corresponding period of the immediately preceding Financial Year i.e FY 2021-22, showing a growth of 17%. The Advance Tax collection of Rs2,95,308 crore comprises Corporation Tax (CIT) at Rs2,29,132 crore and Personal Income Tax (PIT) at Rs66,176 crore.

There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal year, with almost 93% of the duly verified ITRs having been processed till September 17, 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 Rs1,35,556 crore have been issued in the FY 2022-23 till 17.09.2022, as against refunds of Rs74,140 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 83%.

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