Net direct tax collection jumps 23%; refunds up 83%

The net direct tax collection (after refunds) for 2022-23 registered a 23% jump to R7 lakh crore as on 17 September 2022.

Published: 19th September 2022 09:03 AM  |   Last Updated: 19th September 2022 09:03 AM   |  A+A-

Image used for representational purpose only.

By Express News Service

NEW DELHI:  The net direct tax collection (after refunds) for 2022-23 registered a 23% jump to R7 lakh crore as on 17 September 2022. Last year during the same period the net direct tax collection was R5.68 lakh crore.

Of the R7 lakh crore, corporate tax collected during the period was R3.7 lakh crore while personal income tax collected was R3.30 lakh crore. Meanwhile, Gross collection of Direct Taxes (before adjusting for refunds) for 2022-23 stands at R8.36 lakh crore compared to R6.42 lakh crore in the corresponding period in 2021-22, registering a growth of 30%.

The Gross collection of R 8,36,225 crore includes Corporation Tax at R4,36,020 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at R3,98,440 crore.

Of the total gross tax collection, advance taxes accounted for R2,95,308 crore. Tax Deducted at Source (TDS) collected during the period was R4,34,740 crore, self-assessment tax at R77,164 crore and regular assessment tax collected was R 20,080 crore.

The finance ministry in a statement said that direct tax collections continue to grow at a robust pace, which is a clear indicator of the revival of economic activity after the 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.

The finance ministry also pointed out that 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 17 September 2022. 

It said that there has been a 468% increase in the number of refunds issued in the current financial year. Refunds amounting to R1,35,556 crore have been issued in 2022-23 till 17 September, as against refunds of R74,140 crore issued during the corresponding period last year. 



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp