India's direct tax collection stands at Rs 13,63,649 crore, records 25.9 per cent growth :-ET Dec 18,2022

 

Synopsis

The Gross collection of Direct Taxes (before adjusting for refunds) stood at Rs. 13,63,649 crore compared to Rs. 10,83,150 crore in the corresponding period of the preceding financial year, registering a growth of 25.90 per cent, a government data on Sunday showed. Net Direct Tax collections for the FY 2022-23 recorded a growth of nearly 19.81 per cent. Meanwhile, advance tax collections for the FY 2022-23 stood at Rs. 5,21,302 crore registering a growth of 12.83 per cent.

The Gross collection of Direct Taxes (before adjusting for refunds) stood at Rs. 13,63,649 crore compared to Rs. 10,83,150 crore in the corresponding period of the preceding financial year registering a growth of 25.90 per cent, a government data showed.

Net Direct Tax collections for the FY 2022-23 recorded a growth of nearly 19.81 per cent. Meanwhile, advance tax collections for the FY 2022-23 stood at Rs. 5,21,302 crore registering a growth of 12.83 per cent.

"Refunds aggregating to Rs. 2,27,896 crore have been issued in the current fiscal The figures of Direct Tax collections for the Financial Year 2022-23, as on 17.12.2022 show that net collections are at Rs. 11,35,754 crore, compared to Rs. 9,47,959 crore in the corresponding period of the preceding Financial Year i.e FY 2021-22, representing an increase of 19.81 per cent. The Net Direct Tax collection of Rs. 11,35,754 crore (as on 17.12.2022) includes Corporation Tax (CIT) at Rs. 6,06,679 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 5,26,477 crore (net of refund)," stated the release.The Gross collection of Rs. 13,63,649 crore includes Corporation Tax (CIT) at Rs. 7,25,036 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 6,35,920 crore.

Minor head wise collection comprises Advance Tax of Rs. 5,21,302 crore; Tax Deducted at Source of Rs. 6,44,761 crore; Self-Assessment Tax of Rs. 1,40,105 crore; Regular Assessment Tax of Rs. 46,244 crore; and Tax under other minor heads of Rs. 11,237 Crore.