Gross Direct Tax Collection Registered Growth of 30% in 2022-23
Gross Direct Tax Collection Registered Growth of 30% in 2022-23: The Central Board of Direct Taxes(CBDT) in a statement said that the net direct tax collections so far this financial year are at ₹700,669 crore, an increase of 23% as compared to ₹568,147 crore till the same period of the corresponding financial year. The total includes corporation tax of ₹368,484 crore and personal income tax (including securities transaction tax) worth ₹330,490 crore.
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What The CBDT Said:
The CBDT statement noted that the direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post-pandemic, notably as also the result of the stable policies focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology.
What The No. Suggests:
The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of preceding financial year i.e. 2021-22, registering a growth of 30 per cent over collections of 2021-22,” the ministry said in a statement. It said while adding that the the gross collection includes corporation tax at ₹436,020 crore and personal income tax (PIT) including securities transaction tax(STT) at ₹398,440 crore.
Total Direct Tax:
As per the CBDT statement, “the cumulative advance tax collections for the first and second quarter of the FY 2022-23 stand at ₹295,308 crore as on 17.09.2022, against advance tax collections of ₹252,077 crore for the corresponding period of the immediately preceding Financial Year i.e FY 2021-22, showing a growth of 17 per cent. The advance tax collection of ₹295,308 crore comprises corporation tax (CIT) at ₹229,132 crore and personal income tax (PIT) at ₹66,176 crore.”
It is worth noting that the speed of processing of income tax returns too rose this fiscal while almost 93% of the duly verified ITRs filed this year have been processed till Saturday, it said. “This has resulted in the faster issue of refunds with almost a 468 per cent increase in the number of refunds issued in the current financial year,” it added further that subsequently, refunds amounting to ₹135,556 crore have been issued so far against refunds of ₹74,140 crore being issued during the corresponding period in the preceding financial year 2021-22, showing a growth of around 83%.