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Direct Tax Collection: Good profits have been seen in the gross direct tax collection of the central government. During the financial year 2022-23, there was an increase of 25.90 percent as compared to this period of the previous year. The government has collected Rs 13,63,649 crore from gross direct tax in the current financial year, which was Rs 10,83,150 crore in the previous financial year.
According to the data released by the government, a record net direct tax collection has been done for FY 2022-23. This is 19.81 percent more than this period of the last financial year. Meanwhile, the advance tax collection for FY 2022-23 stands at Rs 5,21,302 crore with a growth of 12.83 per cent.
2.27 lakh crore refund issued
According to government data, till December 17, the net direct tax collection has been Rs 11,35,754 crore. During this period itself, the net direct tax collection in the last financial year was Rs 9,47,959 crore, which is 19.81 per cent less than the collection during the current financial year. Refunds amounting to Rs 2,27,896 crore have also been issued during the current financial year. Of the net direct tax collection of 11.32 lakh crore, Corporation Tax (CIT) is Rs 6,06,679 crore and Personal Income Tax (PIT) is Rs 5,26,477 crore.
Estimate of Rs 14.20 lakh crore in the budget
For the financial year 2022-23, an increase of 25.90 percent has been registered in the gross direct tax collection. In the budget, a direct tax collection of Rs 14.20 lakh crore was estimated in this financial year, which was more than Rs 14.10 lakh crore in the previous financial year (2021-22). On the other hand, the cumulative advance tax collection for the first, second and third quarter of the financial year 2022-23 has been Rs 5,21,302 crore. This is an increase of 12.83 percent from the previous period.
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The number of filing tax returns increased rapidly
The CBDT further said that there has been a significant increase in the speed of filing of income tax returns during the current financial year, with about 96.5 per cent ITRs processed till December 17. Due to this, there has been an increase of about 109 percent in the number of refunds issued in the current financial year. A total of 2,27,896 crore refunds have been issued so far this year.
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