Gross direct tax collections rise Rs 8.36 lakh crore in FY 23

The central government's gross direct tax collections have grown 30 per cent to Rs 8,36,225 crore in the Financial Year 2022-23, the Ministry of Finance informed on Sunday. The net collection has also jumped 23 per cent to Rs 7,00,669 crore, compared to Rs 5,68,147 crore in FY 2021-22. These figures are till 17 September 2022.

Citing the numbers, the ministry said that the rise in collections was a clear indicator of the revival of economic activity post-pandemic.

The net direct tax collection of Rs 7,00,669 crore (net of refund) includes Corporation Tax (CIT) at Rs 3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 3,30,490 crore.

The gross collection (before adjusting for refunds) for the FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the preceding financial year. The gross collection includes CIT at Rs. 4,36,020 crore and PIT including STT at Rs. 3,98,440 crore.

"Minor head wise collection comprises advance tax of Rs 2,95,308 crore; tax deducted at source of Rs 4,34,740 crore; Self-Assessment Tax of Rs. 77,164 crore; Regular Assessment Tax of Rs. 20,080 crore; and Tax under other minor heads of Rs. 8,933 crore," the ministry said.

The cumulative advance tax collections for the first and second quarter of the FY 2022-23 stand at Rs 2,95,308 crore as on 17 September, against advance tax collections of Rs 2,52,077 crore for the corresponding period of the FY 2021-22, showing a growth of 17 per cent.

There has been an increase in the speed of processing of income tax returns filed during the current fiscal, with almost 93 per cent of the duly verified ITRs having been processed till 17 September, the ministry said.

This has resulted in the faster issue of refunds with almost a 468 per cent increase in the number of refunds issued in the current financial year. "Refunds amounting to Rs. 1,35,556 crore have been issued in the FY 2022-23 till 17.09.2022, as against refunds of Rs. 74,140 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 83%," the statement said.