Net direct tax collections during the current fiscal till June 16 jumped 45 per cent year-on-year to Rs 3,39,225 crore
Net direct tax collections during the current fiscal till June 16 jumped 45 per cent year-on-year to Rs 3,39,225 crore, compared with Rs 2,33,651 crore in the corresponding period last year. Advance tax collections during April 1-June 16 stood at Rs 1,01,017 crore, against Rs 75,783 crore in the year-ago period, a growth of over 33 per cent, according to official data.
“The figures of direct tax collections for the financial year 2022-23, as on June 16 show that net collections are at Rs 3,39,225 crore compared to Rs. 2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 per cent over the collections of the preceding year,” the finance ministry said in a statement on Friday.
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It added that the net collection (as on June 16) in 2022-23 has registered a growth of 171 per cent over the corresponding period of 2020-21, when the net collection was Rs 1,25,065 crore, and a growth of 103 per cent over the corresponding period of 2019-20 when the net collection was Rs 1,67,432 crore.
The net direct tax collection of Rs 3,39,225 crore (as on June 16, 2022) include corporation tax (CIT) at Rs 1,70,583 crore (net of refund) and personal income tax (PIT), including security transaction tax (STT) at Rs 1,67,960 crore (net of refund).
“The gross collection of direct taxes (before adjusting for refunds) for 2022-23 stands at Rs 3,69,559 crore as compared with Rs 2,64,382 crore in the corresponding period of the preceding year, representing an increase of almost 40 per cent over the collections of the preceding year. This includes corporation tax (CIT) at Rs 1,90,651 crore and personal income tax (PIT), including security transaction tax (STT) at Rs 1,78,215 crore,” the ministry said.
It added that minor head wise collection comprises an advance tax of Rs 1,01,017 crore, tax deducted at source of Rs 2,29,676 crore, self-assessment tax of Rs 21,849 crore, regular assessment tax of Rs 10,773 crore, tax on distributed profits of Rs 5,529 crore and tax under other minor heads of Rs 715 crore.
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“The advance tax collections for the first quarter of 2022-23 stand at Rs 1,01,017 crore against advance tax collections of Rs 75,783 crore for the corresponding period of the immediately preceding financial year, showing a growth of more than 33 per cent. This comprises corporation tax (CIT) at Rs 78,842 crore and personal income tax (PIT) at Rs 22,175 crore. This amount is expected to increase as further information is received from banks,” it said.
The TDS collections for the financial year 2022-23 (June 16, 2022) stood at Rs 2,29,676 crore against TDS collections of Rs 1,57,434 crore for the corresponding period of the immediately preceding financial year, showing a growth of nearly 46 per cent.
The self-assessment tax collections for 2022-23 (as on June 16, 2022) stood at Rs 21,849 crore against self-assessment tax collections of Rs 15,483 crore for the corresponding period of the immediately preceding financial year, showing a growth of more than 41 per cent, according to the statement.
Refunds amounting to Rs 30,334 crore have also been issued in 2022-23.
