Net Direct Tax collections for F.Y. 2022-23 continue to grow at a robust pace

Guwahati: The data for direct tax collections for the fiscal year 2022-23, reveals that net collections are at Rs. 3,39,225 crore, compared to Rs. 2,33,651 crore during the same time the previous year, signifying a 45 percent increase over the collections of the previous year.

The net collection (as of 16.06.2022) in the fiscal year 2022-23 increased by 171 percent over the corresponding period in the fiscal year 2020-21, when the net collection was Rs. 1,25,065 crore, and by 103 percent over the corresponding period in the fiscal year 2019-20, when the net collection was Rs. 1,67,432 crore.

Corporation Tax (CIT) at Rs. 1,70,583 crore (net of rebate) and Personal Income Tax (PIT) comprising Security Transaction Tax (STT) at Rs. 1,67,960 crore comprise the Net Direct Tax collection of Rs. 3,39,225 crore (as of 16.06.2022). (net of refund).

The gross collection of direct taxes (before correcting for refunds) for the fiscal year 2022-23 is Rs. 3,69,559 crore, up from Rs. 2,64,382 crore in the previous year's similar period, reflecting an almost 40% increase over the previous year's revenues.

This comprises Corporation Tax (CIT) of Rs. 1,90,651 crore and Personal Income Tax (PIT) of Rs. 1,78,215 crore, which includes Security Transaction Tax (STT). 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 categories of Rs. 715 crore are collected under minor headings.

Advance Tax revenues during the first quarter of the Fiscal Year 2022-23 total Rs. 1,01,017 crore, up from Rs. 75,783 crore in the same time of the previous Fiscal Year, representing a more than 33 percent increase. Corporation Tax (CIT) is of Rs. 78,842 crore, whereas Personal Income Tax (PIT) is worth Rs. 22,175 crore. This figure is anticipated to rise when more information from banks becomes available.

TDS receipts for FY 2022-23 (as of 16.06.2022) are at Rs. 2,29,676 crore, up from Rs. 1,57,434 crore for the equivalent time of the immediately prior Financial Year, representing a roughly 46 percent increase.

Self-Assessment Tax Collections for Fiscal Year 2022-23 (as of 16.06.2022) stand at Rs. 21,849 crore, compared to Rs. 15,483 crore for the equivalent period of the immediately preceding Financial Year, representing a more than 41 percent increase.

Refunds amounting to Rs. 30,334 crore have also been issued in the F.Y. 2022-23.