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CBDT: Net direct tax collections rose by 45% to over 3.39 lakh Cr by mid-June

Net direct tax collections for the fiscal year 2022-23 increased by 45 percent to more than  ₹3.39 lakh Cr till mid-June.Premium
Net direct tax collections for the fiscal year 2022-23 increased by 45 percent to more than 3.39 lakh Cr till mid-June.

This fiscal's net direct tax collections rose by 45 per cent to more than 3.39 lakh crore through mid-June. The net direct tax collection of more than 3.39 lakh crore includes Corporation Tax (CIT) at more than 1.70 lakh crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), at more than 1.67 lakh crore.

The Central Board of Direct Taxes (CBDT) has disclosed that net collections for the fiscal Year 2022-23, as of 16.06.2022, are at Rs.3,39,225 crore, up from Rs.2,33,651 crore in the previous year's same period, showing a 45 per cent rise over the previous year's collections.

CBDT has said that “The net collection (as on 16.06.2022) in F.Y. 2022-23 has registered a growth of 171% over the corresponding period of F.Y. 2020-21 when the net collection was Rs. 1,25,065 crore, and a growth of 103% over the corresponding period of F.Y. 2019-20 when the net collection was Rs. 1,67,432 crore." According to the CBDT, the net direct tax collection of Rs. 3,39,225 crore (as of 16.06.2022) includes Corporation Tax (CIT) of Rs. 1,70,583 crore and Personal Income Tax (PIT) comprising Security Transaction Tax (STT) of Rs. 1,67,960 crore."

“Net Direct Tax collections for FY 2022-23 as on 16.06.22 at Rs. 3.39 lakh crore grow at over 45% over the collections of corresponding period in preceding year. Advance Tax collections as on 16.06.22 at Rs. 1.01 lakh crore grow at over 33% over the same period in preceding year," said Income Tax Department via a Tweet.

The gross collection of direct taxes for the fiscal year 2022-23 is Rs. 3,69,559 crore, up from Rs. 2,64,382 crore in the previous year's same period, reflecting a 40% YoY growth. As per CBDT, this includes Corporation Tax (CIT) at Rs. 1,90,651 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 1,78,215 crore. Minor head wise collection comprises Advance Tax of Rs. 1,01,017 crore, Tax Deducted at Source of Rs.2,29,676 crore, Self-Assessment Tax of Rs. 21,849 crore, Regular Assessment Tax of Rs. 10,773 crore, Tax on Distributed Profits of Rs. 5,529 crore and Tax under other minor heads of Rs. 715 crore.

Advance Tax collections for the first quarter of the financial year 2022-23 were Rs. 1,01,017 crore, up from Rs. 75,783 crore in the same period of the previous financial year, representing a more than 33 per cent growth. This includes Corporation Tax (CIT) of Rs. 78,842 crore and Personal Income Tax (PIT) of Rs. 22,175 crore. “This amount is expected to increase as further information is received from Banks," said CBDT in a statement.

TDS collections for FY 2022-23 as of 16.06.2022 come at Rs. 2,29,676 crore as compared to TDS collections of Rs. 1,57,434 crore for the corresponding period of the previous financial year, representing a nearly 46 per cent growth, and Self-Assessment Tax collections for FY 2022-23 as of 16.06.2022 settle at Rs. 21,849 crore as compared to self-assessment tax collections of Rs. 15,483 crore for the same period of the previous financial year, a YoY growth of 41%.

According to the CBDT, refunds totalling Rs. 30,334 crore were granted in the fiscal year 2022-23.

 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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