India’s net direct tax collections for financial year 2022-23 surged 45 percent at Rs 3,39,225 crore as of June 16, 2022, compared to Rs 2,33,651 crore in the corresponding period of the preceding year, an official statement said.
"The net collection as of June 16, 2022, in FY22-23 has registered a growth of 171 percent over the corresponding period of FY 2020-21 when the net collection was Rs 1,25,065 crore, and a growth of 103 percent over the corresponding period of FY19-20 when the net collection was Rs 1,67,432 crore," it said in a statement.
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 the FY22-23 stands at Rs 3,69,559 crore compared to Rs 2,64,382 crore in the corresponding period of the preceding year, representing an increase of almost 40 percent 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.
Minor head-wise collection comprises 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, it said.
The advance tax collections for the first quarter of the FY22-23 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 percent.
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.
The TDS collections for FY22-23 as of June 16, 2022, stand 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 percent, it added.
The self-assessment tax collections for FY22-23 as of June 16, 2022, stand 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 percent. Refunds amounting to Rs 30,334 crore have also been issued in FY 2022-23.
