BBN Bureau
NEW DELHI/September 18-2022: The gross direct tax collections have grown 30 per cent to Rs8.36 lakh crore (Rs8.36 trillion) till September 17 of 2022-23 (FY23) on increased advance tax mop-up, a finance ministry statement said on Sunday.
“The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs8,36,225 crore compared with Rs 6,42,287 crore in the corresponding period of the preceding financial year i.e. 2021-22, registering a growth of 30 per cent over collections of 2021-22,” a PTI statement said.
The cumulative advance tax collections for April-September stand at Rs2,95,308 crore as on September 17, up 17 per cent over the year-ago period.
Gross collection of Rs8.36 lakh crore includes Corporate Income Tax at Rs4.36 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs3.98 lakh crore, according to finance ministry.
After adjusting for refunds, net collections rose 23 per cent to Rs7,00,669 crore, compared with Rs 5,68,147 crore in the corresponding period of the earlier year.
“Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post-pandemic, as also the result of the stable policies of the government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology” the Central Board of Direct Taxes said in a statement
Refunds grow 468 pc
The CBDT said almost 93 per cent of the duly verified Income-Tax Returns (ITRs) have been processed till September 17, resulting in faster issue of refunds, with an almost 468 per cent increase in the number of refunds issued in the current financial year against the same period last year.
The CBDT has allowed compounding in cases where the applicant has been sentenced to up to two years of imprisonment under the Income-Tax Act, in an attempt to decriminalise offences.
