Net direct tax collections jump 45 per cent till June 16 in 2022-23

Net direct tax collections jump 45 per cent till June 16 in 2022-23
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India’s net collection from direct taxes rose to ₹3,39,225 crore in the current financial year till June 16 as compared to ₹2,33,651 crore recorded in the corresponding period of the last year, registering a year-on-year growth of 45 per cent, as per the government data released on Friday.

The net direct tax collections of ₹3,39,225 crore as of June 16 in the current financial year include corporation tax of ₹1,70,583 crore (net of refund) and the personal income tax including Security Transaction Tax (STT) at ₹1,67,960 crore (net of refund), according to data released by the Central Board of Direct Taxes.

The gross collection of direct taxes (before adjusting for refunds) for the financial year 2022-23 till June 16 stands at ₹3,69,559 crore compared to ₹2,64,382 crore in the corresponding period of the preceding year, representing an increase of nearly 40 per cent year-on-year.

This includes corporation tax at ₹1,90,651 crore and personal income tax including Security Transaction Tax (STT) at ₹1,78,215 crore.

Minor head wise collection comprises advance tax of ₹1,01,017 crore, Tax Deducted at Source (TDS) of ₹2,29,676 crore, Self-Assessment Tax of ₹21,849 crore, Regular Assessment Tax of ₹10,773 crore, Tax on Distributed Profits of ₹5,529 crore and Tax under other minor heads of ₹715 crore.

The advance tax collections for the first quarter of 2022-23 stand at ₹1,01,017 crore against Advance Tax collections of ₹75,783 crore for the corresponding period of the previous year, showing a growth of more than 33 per cent.

This comprises corporation tax at ₹78,842 crore and personal income tax at ₹22,175 crore. This amount is expected to increase as further information is received from Banks, the Union Finance Ministry said in a statement.

The TDS collections for FY 2022-23 (as on June 16, 2022) stand at ₹2,29,676 crore against TDS collections of ₹1,57,434 crore for the corresponding period of the previous year, showing a growth of nearly 46 per cent.

The self-assessment tax collections for FY 2022-23 (as on June 16) stand at ₹21,849 crore against self-assessment tax collections of ₹15,483 crore for the corresponding period of the previous year, showing a growth of more than 41 per cent.

Refunds amounting to ₹30,334 crore have been issued in the current financial year till June 16. 

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