For the Financial Year (FY) 2022–23, the Gross Direct Tax Collections saw a staggering growth of 25.90%.
The Direct Tax Collections figures for FY 2022-23 show that as of December 17, 2022, net collections are at Rs 11,35,754 crore, compared to Rs 9,47,959 crore in the corresponding period of FY 2021-22, representing an increase of 19.81%.
Gross Direct Tax Collections Highlights
- India’s tax revenue for the financial year 2016-17 has been estimated at Rs 13,63,649 crore.
- Gross collection includes Corporation and Personal Income Tax (PIT) and Securities Transaction Tax (STT).
- There has been a remarkable increase in the speed of processing of income tax returns filed.
As per the data, as of Dec 17, 2022, the amount of Net Direct Tax collected was Rs 11,35,754 crores.
This includes Corporation Tax (CIT), which was collected at Rs 6,06,679 crores (net of refunds), and Personal Income Tax (PIT), which included Securities Transaction Tax (STT), at Rs 5,26,477 crores (net of refund).
Before accounting for refunds, the Gross Collection of Direct Taxes for the FY 2022–23 is Rs 13,63,649 crore as opposed to Rs 10,83,150 crore during the same period of the previous financial year, representing an increase of 25.90% over collections for the FY 2021–22.
India’s tax revenue for the financial year 2016-17 has been estimated at Rs 13,63,649 crore.
Gross collection includes Corporation and Personal Income Tax (PIT) and Securities Transaction Tax (STT).
The minor head-wise collection comprises Advance Tax of Rs 5,21,302 crore and Tax Deducted at Source of Rs 6,44,761 crore.
Advance Tax collections for the first, second and third quarter of the FY 2022-23 stand at Rs 5,21,302 crore.
This compares to Rs 4,62,038 crore for the corresponding period of the immediately preceding Financial Year i.e. 2021-22.
The Advance Tax collection of Rs 5,21,302 crore includes Corporation Tax (CIT) at Rs 3,97,364 crore and Personal Income Tax (PIT) at Rs 1,23,936 crore.
Almost 96.5 per cent of the duly verified ITRs having been processed till 17.12.2022.
There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, according to the latest figures from the Department of Revenue (DoR).
The number of refunds issued in the current fiscal year has increased by almost 109 percent as a result of the quicker issue of refunds.
Up until the 17.12.2022, refunds totaling Rs 2,27,896 crore had been issued in the FY 2022–23, compared to refunds totaling Rs 1,35,191 crore during the same period in the prior Financial Year 2021–22, representing an increase of more than 68.57 percent.
