The gross direct tax collections stood at Rs 13.63 lakh crore, logging a 26 per cent growth, so far this fiscal as against Rs 10,83,150 crore in the corresponding period of the preceding financial year. The growth has been registered on the back of TDS deductions and healthy corporate advance tax mop-up.
After adjusting for refunds, the net direct tax collection came out to be Rs 11.35 lakh crore, up nearly 19.81 per cent, which is about 80 per cent of the full-year Budget target. Advance tax collections for the FY 2022-23, on the other hand, were at Rs. 5,21,302 crore, showing a 12.83 per cent growth
The gross collection of Rs 13,63,649 crore includes Corporation Tax (CIT) at Rs 7.25 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 6.35 lakh crore, the Central Board of Direct Taxes (CBDT) said in a statement.
The robust tax mop-up shows the economy rebounded from pandemic lows with rise in earnings of both companies and individuals. Advance tax collection stood at Rs 5.21 lakh crore, Tax Deducted at Source at Rs 6.44 lakh crore and self-assessment tax at Rs 1.40 lakh crore.
In the current fiscal, refunds aggregating to Rs 2,27,896 crore have been issued. The figures of Direct Tax collections for FY23 as on December 17, 2022 show that net collections are at Rs 11,35,754 crore, compared to Rs. 9,47,959 crore in the corresponding period of FY22, a jump of 19.81 per cent.
The CBDT statement said the net collections include Rs 6.06 lakh crore and Rs 5.26 lakh crore of Corporate Tax (CIT) and Personal Income Tax (PIT) collections, respectively. Further, there has been a significant rise in the speed of processing of income tax returns filed during the current fiscal, with almost 96.5 per cent of the duly verified ITRs having been processed till December 17, the CBDT added.
“This has resulted in faster issue of refunds with almost a 109 per cent increase in the number of refunds issued in the current financial year,” it noted.
Refunds amounting to Rs 2,27,896 crore have been issued in FY23 till December 17 as against refunds of Rs 1,35,191 crore issued during the corresponding period in FY22, registering a 68.57 per cent growth.
