Direct tax collection jumps 23% YoY basis to over Rs 7 lakh cr

New Delhi: In Financial Year 2022–23 (FY23), direct tax receipts increased to Rs 7,00,669 crore, up 23% year over year (YoY) from Rs 5,68,147 crore in the same period last fiscal, according to a statement from the Ministry of Finance.

The Ministry credited solid government policies and a resurgence of economic activity for this strong development. The second wave of the pandemic’s Covid lockdowns had a negative impact on the economy during the previous fiscal year.

“The figures of Direct Tax collections for the FY 2022-23, as on September 17, 2022 show that net collections are at Rs. 7,00,669 crore, compared to Rs. 5,68,147 crore in the corresponding period of the preceding Financial Year i.e. FY 2021-22, representing an increase of 23%,” the ministry said in a statement.

The Net Direct Tax collection of Rs. 7,00,669 crore (net of rebate) includes Corporation Tax (CIT) of Rs 3,68,484 crore and Personal Income Tax (PIT) and Securities Transaction Tax (STT) of Rs 3,30,490 crore.

In comparison to the same period in the previous Financial Year, i.e. FY 2021-22, the gross direct tax collection for the FY 2022–23 is Rs 8,36,225 crore (before accounting for refunds), representing a 30% increase over those revenues.

Corporation Tax (CIT) at Rs. 4,36,020 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 3,98,440 crore are included in the gross collection of Rs. 8,36,225 crore. Advance Tax, Tax Deducted at Source, Self-Assessment Tax, Regular Assessment Tax, Tax under Other Minor Heads, and Tax under Other Minor Heads make up the minor head-wise collection, totaling Rs. 2,95,308 crore, Rs. 4,34,740 crore, Rs. 77,164 crore, Rs. 20,080 crore, and Rs. 8,933 crore.

The cumulative Advance Tax revenues for the first and second quarters of FY 2022-23 are Rs. 2,95,308 crore as on 17.09.2022, compared to Advance Tax collections of Rs. 2,52,077 crore for the comparable period of the immediately preceding Financial Year, i.e. FY 2021-22, representing a 17% increase. Corporation Tax (CIT), which totaled Rs. 2,29,132 crore, and Personal Income Tax (PIT), which totaled Rs. 66,176 crore, make up the Advance Tax Collection of Rs. 2,95,308 crore.

“There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, 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 Rs. 1,35,556 crore have been issued in the FY 2022-23 till 17.09.2022, as against refunds of Rs. 74,140 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 83%,” the ministry statement added.

The post Direct tax collection jumps 23% YoY basis to over Rs 7 lakh cr appeared first on News24 English.

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