Direct Tax Collection: Direct tax collections in the financial year 2022-23 have been more than the government’s estimate. According to the data released by the Ministry of Finance, Net Direct Tax collections in 2022-23 , It has been Rs 16.61 lakh crore, which was Rs 14.12 lakh crore in the last year 2021-22. According to the Finance Ministry, the direct tax collection in 2022-23 has been 17.63 percent more than the previous year.
According to the data released by the Ministry of Finance regarding direct tax collection, according to the provisional data in 2022-23, the direct tax collection has been Rs 16.61 lakh crore, which is Rs 2.41 lakh crore more than the budget estimate with a jump of 16.97 per cent. The target of Rs 14.20 lakh crore direct tax collection was set in the budget estimates, which was increased to Rs 16.50 lakh crore in the revised estimate. But the direct tax collection figures have been 16.97 percent more than the budget estimate and 0.69 percent more than the revised estimate.
➡️Direct Tax collections(provisional) for FY2022-23 exceed the BE by ₹2.41 lakh crore i.e by 16.97% & RE by 0.69%
➡️Gross DT collections(provisional) at ₹19.68 lakh crore register a growth of 20.33%
➡️Net DT collections(provisional) at ₹16.61 lakh crore mark a growth of 17.63% pic.twitter.com/wa9VIJsYH8— Income Tax India (@IncomeTaxIndia) April 3, 2023
Adding the issued refunds, the gross direct tax collection in 2022-23 has been Rs 19.68 lakh crore, which is 20.33 percent more than Rs 16.36 lakh crore in 2021-22. Corporate tax collection has increased by 16.91 percent to Rs 10,04,118 crore in 2022-23, which was Rs 8.58,849 crore in 2021-22.
Personal Income Tax collection after adding STT i.e. Security Transaction Tax in 2022-23 has been Rs 9,60,764 crore, which is 24.23 percent more than in 2021-22. Personal income tax collection in 2021-22 was Rs 7,73,389 crore. In 2022-23, the Income Tax Department has issued refunds of Rs 3,07,352 crore, which is Rs 37.42 crore more as compared to Rs 2,23,658 crore in 2021-22.
