Direct tax collection in india 2022-23

New Delhi: Gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on increased advance tax mop-up, the finance ministry said on Sunday. “Thegross collectionof direct taxes (before adjusting for refunds) for FY 2022-23 stands atRs 8,36,225crorecompared toRs 6,42,287 crorein the corresponding period of preceding financial year i.e. 2021-22, registeringa growth of 30 per centover collections of 2021-22,” the ministry said in a statement. The cumulative advance tax collectionsfor April-September stand at Rs 2,95,308 crore as on September 17, up 17 per cent over the year-ago period.

The finance ministry on Saturday reported about 22.6% annualised growth in gross direct tax revenue at ₹16.68 lakh crore as on March 10, with significant improvement in corporate and personal income-tax collections that indicate sustained growth in economic activities, better tax administration and ease of compliance. The finance ministry on Saturday reported about 22.6% annualised growth in gross direct tax revenue at ₹16.68 lakh crore. (REUTERS) “Direct Tax collection, net of refunds, stands at ₹13.73 lakh crore which is 16.78% higher than the net collections for the corresponding period of last year,” provisional data released by the finance ministry said. The net collection is higher even after higher refunds. “Refunds amounting to ₹2.95 lakh crore have been issued during 1st April, 2022 to 10th March 2023, which are 59.44% higher than refunds issued during the same period in the preceding year,” it said. The total net collection of ₹13.73 lakh crore is 96.67% of budget estimates (BE) and 83.19% of revised estimates (RE) of direct taxes for the year to March 31, it said. The BE of direct tax collection was ₹14.20 lakh crore in 2022-23, which was later raised to ₹16.50 lakh crore in RE, anticipating better collections due to the robust economy, an official said, requesting anonymity. The government had estimated corporation income tax (CIT) collections in 2022-23 (BE) at ₹7.20 lakh crore and estimated taxes on income or personal income tax (PIT) at 7 lakh crore, accordi...

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 3 rd April, 2023 PRESS RELEASE Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by ₹2.41 lakh crore i.e. by 16.97% Direct Tax collections (provisional) for the FY 2022-23 exceed Revised Estimates by 0.69% Gross Direct Tax collections (provisional) for the FY 2022-23 stand at Rs. 19.68 lakh crore registering a growth of 20.33% Net Direct Tax collections (provisional) for the FY 2022-23 stand at Rs. 16.61 lakh crore marking a growth of 17.63% Refunds aggregating to Rs. 3,07,352 crore have been issued in FY 2022-23 The provisional figures of Direct Tax collections for the Financial Year (FY) 2022-23 show that Net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%. The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2022-23 were fixed at Rs.14.20 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs.16.50 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 16.97% and RE by 0.69 %. The Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs. 19.68 lakh crore showing a growth of 20.33 % over the gross collection of Rs.16.36 lakh crore in FY 2021-22. The gross Corpor...