New Delhi, September 18
Direct tax collections continue to grow at a robust pace, “a clear indicator of the revival of economic activity post pandemic, as also the result of the stable policies of the government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology”, said an official statement here on Sunday.
Corporation Tax
Net direct tax collection of Rs 7 lakh crore (net of refund) includes Corporation Tax at Rs 3.68 lakh crore and Personal Income Tax, including Securities Transaction Tax, at Rs 3.30 lakh crore.
The figures of direct tax collections for the 2022-23 fiscal, as on September 17 show that net collections are at Rs 7 lakh crore as compared to Rs 5.68 lakh crore in the corresponding period of the preceding fiscal, representing an increase of 23%. Net direct tax collection of Rs 7 lakh crore (net of refund) includes Corporation Tax (CIT) at Rs 3.68 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs 3.30 lakh crore.
Gross collection of direct taxes (before adjusting for refunds) for the 2022-23 fiscal stands at Rs 8.36 lakh crore compared to Rs 6.42 lakh crore in the corresponding period of the preceding fiscal, a growth of 30% over collections of the 2021-22 fiscal. The gross collection of Rs 8.36 lakh crore includes CIT at Rs 4.36 lakh crore and PIT at Rs 3.98 lakh crore. Minor head wise collection comprises advance tax of Rs 2.95 lakh crore, tax deducted at source of Rs 4.34 lakh crore crore, self-assessment tax of Rs 77,164 crore, regular assessment tax of Rs 20,080 crore; and tax under other minor heads of Rs 8,933 crore.
The cumulative advance tax collections for the first and second quarter of the 2022-23 fiscal stand at Rs 2.95 lakh crore as on September 17 against advance tax collections of Rs 2.52 lakh crore for the corresponding period of the immediately preceding fiscal, showing a growth of 17%. The advance tax collection of Rs 2.95 lakh crore comprises CIT at Rs 2.29 lakh crore and PIT at Rs 66,176 crore. “There has been a remarkable increase in the speed of processing of income tax returns, with almost 93% of the duly verified ITRs having been processed. This has resulted in faster issue of refunds amounting to Rs 1.35 lakh crore,” said the official statement.
