Must Read

Overall Direct Tax collections show a huge surge

By IndianMandarins- 17 Jun 2022
536

overall-direct-tax-collections-show-a-huge-surge

New Delhi (17.06.2022): Net Direct Tax collections surged 45% to ₹3,39,225 crores till June 16, 2022, in FY23 over ₹ 2,33,651 crores in the corresponding period of FY22. The FY23 till June 16 also reflected a 171% increase over the same period of FY21 when the net collection was recorded at ₹ 1,25,065 crore and a growth of 103% over the corresponding period of FY20 when the net collection was ₹ 1,67,432 crore.
The Net Direct Tax collection of ₹ 3,39,225 crore (as on 16.06.2022) includes Corporation Tax (CIT) of ₹1,70,583 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) of ₹ 1,67,960 crore (net of refund).
The gross Direct Tax collection (before adjusting for refunds) for FY23  stands at ₹ 3,69,559 crore compared to ₹ 2,64,382 crore in the corresponding period of the preceding year, representing an increase of almost 40% over the collections of the preceding year. This includes Corporation Tax (CIT) of ₹ 1,90,651 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) of ₹ 1,78,215 crore. The minor head-wise collection comprises an Advance Tax of ₹ 1,01,017 crore, Tax Deducted at Source of ₹2,29,676 crore, Self-Assessment Tax of ₹21,849 crores, Regular Assessment Tax of ₹10,773 crores, Tax on Distributed Profits of ₹5,529 crores and Tax under other minor heads of ₹715 crores.
The Advance Tax collections for the first quarter of the F.Y. 2022-23 stand at ₹1,01,017 crore versus ₹75,783 crores for the corresponding period of the immediately preceding Financial Year, showing a growth of more than 33%. This comprises Corporation Tax (CIT) at ₹78,842 crores and Personal Income Tax (PIT) at ₹ 22,175 crores. This amount is expected to increase as further information is received from Banks.
The TDS collections for F.Y. 2022-23 (as of 16.06.2022) stand at ₹ 2,29,676 crore against TDS collections of ₹ 1,57,434 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of nearly 46%.
The Self-Assessment Tax collections for FY23 (as of 16.06.2022) stand at ₹ 21,849 crores against self-assessment tax collections of ₹15,483 crores for the corresponding period of the previous Financial Year, showing a growth of more than 41%.
Refunds amounting to ₹30,334 crores have also been issued in FY23.  

free stat counter