India’s direct tax collection grows 26% to Rs.13.63 lakh cr for FY23
Direct tax collections stood at Rs.11,35,754 crore, as on December 17, 2022, up by 19.81 percent against Rs.9,47,959 crore recorded in the corresponding period of last year, officials said.
“The net direct tax collection of Rs.11,35,754 crore includes Corporation Tax (CIT) at Rs.6,06,679 crore (net of refund) and Personal Income Tax, including Securities Transaction Tax at Rs.5,26,477 crore (net of refund),” Central Board of Direct Taxes said in a statement.
The gross collection of direct taxes (before adjusting for refunds) for 2022-23 stood at Rs.13,63,649 crore, compared to Rs.10,83,150 crore recorded in the corresponding period of last year, registering a growth of 25.90 percent.
According to official sources, the advance tax collections for the current fiscal stood at Rs.5,21,302 crore as of December 17, 2022, 12.83 percent more than last year.
The statement said that the cumulative advance tax collections for the first, second, and third quarters of 2022-23 are 12.83% higher than the Rs.4.62 lakh crore collected in the same period last year. The Rs.5,21,302 crore advance tax revenues include CIT of Rs.3,97,364 crore and Personal Income Tax collections of Rs.1,23,936 crores.
Refunds aggregating Rs.2,27,896 crore were issued in the current fiscal.
[With Inputs from IANS]
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