NEW DELHI: The net direct tax collections grew 45% till mid-June on a year-on-year basis to Rs 3.39 lakh crore as compared with Rs 2.33 lakh crore over the corresponding period of the previous year, the Finance Ministry data showed.
Revenue grew on account of better-advanced tax collection. Corporation income tax (CIT) collection was at Rs 1,70,583 crore, while personal income tax (PIT) including security transaction tax (STT) was recorded at Rs 1,67,960 crore.
The net collection as of June 16 in FY23 recorded a growth of 171% over the same period of FY21 when the net collection was Rs 1.25 lakh crore and a growth of 103% over the corresponding period of FY20 when the net collection was Rs 1,67,432 crore.
Meanwhile, the advance tax collections for the first quarter of the FY23 stood at Rs 1.01 lakh crore against advance tax collections of Rs 75,783 crore for the corresponding period of the immediately preceding financial year, registering a growth of more than 33%. This includes CIT of Rs 78,842 crore and PIT of Rs 22,175 crore.
In addition, the Tax deduction at source (TDS) collections for FY23 as of June 16 stood at Rs 2.29 lakh crore as against TDS collections of Rs 1,57,434 crore for the same period of FY22, showing a growth of 46%. The self-assessment tax collections for FY23 grew by more than 41% to Rs 21,849 crore as against the collections of Rs 15,483 crore for the corresponding period of the immediately preceding financial year. The refunds amounting to Rs 30,334 crore have also been issued in FY23. The Gross collection of direct taxes before adjusting for refunds for FY23 stood at Rs 3.69 lakh crore.