Direct tax collections jump nearly 20 per cent in FY 23

Gross Direct Tax for the financial year 2022-23 stood at Rs 13,63, 649 crore which is up by 25.9 per cent over the last year, said the Ministry of Finance on December 18.

Gross tax collections are tax collections without refunds.

As per an official statement from the Ministry of Finance, Net direct tax collections stood at Rs 11, 35, 754 crore. This includes income tax collection of Rs 5,26,477 crore and corporate tax of Rs 6,06,679 crore.

The total direct tax collection as on December 17, 2022, for the financial year 2022-23 stood at Rs 11, 35, 754 crore, up 19.81 per cent from Rs 9,47,959 crore, the statement added.

"The cumulative Advance Tax collections for the first, second, and third quarter of the FY 2022-23 stand at Rs 5,21,302 crore as of 17.12.2022, against Advance Tax collections of Rs 4,62,038 crore for the corresponding period of the immediately preceding Financial Year i.e. 2021-22, showing a growth of 12.83 per cent. The Advance Tax collection of Rs 5,21,302 crore as on 17.12.2022 includes Corporation Tax (CIT) at Rs 3,97,364 crore and Personal Income Tax (PIT) at Rs 1,23,936 crore,'' the statement added.

“There has been a remarkable increase 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 17.12.2022. This has resulted in the faster issue of refunds with almost a 109 per cent increase in the number of refunds issued in the current financial year. Refunds amounting to Rs 2,27,896 crore have been issued in the FY 2022-23 till 17.12.2022, as against refunds of Rs.1,35,191 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 68.57 per cent,” it added.

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