Direct Tax Collection: There is good news on the tax collection front in the country as a good growth has been registered in direct tax collection. The gross direct tax collection for the financial year 2022-23 till September 17 stood at Rs 8.36 lakh crore, which is 30 per cent higher than the corresponding period last year. The Finance Ministry gave this information on Sunday. The gross collection for the financial year 2022-23 so far (before adjustment for refunds) is Rs 8,36,225 crore, which is 30 per cent higher than the collection of Rs 6,42,287 crore in the corresponding period of the previous financial year.
The Finance Ministry statement said that out of the gross collection of Rs 8.36 lakh crore, Rs 4.36 lakh crore has come from corporate income tax and Rs 3.98 lakh crore from personal income tax (PIT). PIT includes Security Transaction Tax.
Net direct tax collection increased by 23%
In the current financial year till September 17, the net direct tax collection stood at Rs 7.01 lakh crore, which is 23 per cent higher than the corresponding period last year. Net tax collection after adjusting for refunds increased by 23 per cent to Rs 7,00,669 crore. According to the data released by the Finance Ministry, the cumulative advance tax collection till September 17 in 2022-23 stood at Rs 2.95 lakh crore, which is 17 per cent higher than the corresponding period last year.
83 percent more refunds issued so far than last year
Refunds of Rs 1,35,556 crore have been issued till September 17, which is 83 per cent more than last year. As of Saturday, around 93 per cent of the duly verified ITRs were processed faster with Income Tax Returns (ITRs). Refunds were introduced expeditiously, leading to an increase of about 468 per cent in the number of refunds issued in 2022-23, the statement said. On the basis of this, the ministry said that there has been a significant increase in the speed of processing of income tax returns filed during the current financial year.
Finance Ministry expressed happiness
The Finance Ministry said, “Direct tax collection is growing at a strong pace. This is a clear sign of the revival of economic activity after the pandemic. It is also a result of stable policies of the government, where procedures have been simplified and technology has been introduced.” The focus was on preventing tax evasion.”