The Centre’s net direct tax mop-up for FY23 rose over 45 percent to Rs 3.39 lakh crore till mid-June, according to finance ministry data released .
In the corresponding period of FY22, this collection was Rs 2.33 lakh crore. In the preceding fiscal (FY21), net direct collections stood at Rs 1.25 lakh crore in the same period.
The net direct tax collection of Rs 3.39 lakh crore includes corporation tax at Rs 1.7 lakh crore (net of refund) and personal income tax including security transaction tax at Rs 1.68 lakh crore (net of refund).
The gross collection of direct taxes before adjusting for refunds for FY23 stands at Rs 3.69 lakh crore compared to Rs 2.64 lakh crore in the corresponding period of the preceding year, showing an increase of almost 40 percent over the collections of the preceding year.
Advance tax collections for the first quarter of the FY23 stand at Rs 1.01 lakh crore against Rs 75,783 crore for the corresponding period of the immediately preceding fiscal, showing a growth of more than 33 percent. This comprises corporation tax at Rs 78,842 crore and personal income tax at Rs 22,175 crore. This amount is expected to increase as further information is received from banks, the ministry said.
TDS collections for FY23 (as on June 16, 2022) stand at Rs 2.29 lakh crore against TDS collections of Rs 1.57 lakh crore for the corresponding period of the immediately preceding fiscal, showing a growth of nearly 46 percent.
Self-assessment tax collections for FY23 stand at Rs 21,849 crore against self-assessment tax collections of Rs 15,483 crore for the corresponding period of the preceding financial year, showing a growth of more than 41 percent, data showed.
