Net Direct Tax Collections for FY 2022-23 grow 45% to Rs.3,39,225 Crores

Net Direct Tax Collections for FY 2022-23 grow 45% to Rs.3,39,225 Crores

The Net Direct Tax Collections figures for the Financial Year 2022-23 as of 16.06.2022 show net revenues of Rs.3,39,225 crore, up from Rs.2,33,651 crore in the previous year’s similar period, marking a 45 percent increase over the previous year’s collections. The net collection (as of 16.06.2022) in FY 2022-23 increased by 171 percent over the same period in FY 2020-21, when the net collection was Rs..1,25,065 crore, and by 103 percent over the same period in FY 2019-20, when the net collection was Rs.1,67,432 crore.

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

The gross collection of direct taxes (before 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 collections. This includes 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 headings of Rs.715 crore are among the minor head collections.

The Advance Tax collections for the first quarter of the Financial Year 2022-23 totaled Rs.1,01,017 crore, up from Rs.75,783 crore in the previous Financial Year’s similar period, representing a jump of more than 33%. Corporation Tax (CIT) is of Rs.78,842 crore, whereas Personal Income Tax (PIT) is worth Rs.22,175 crore. As more information from banks becomes available, this figure is projected to rise.

TDS collections for the Financial Year 2022-23 (as of 16.06.2022) are Rs.2,29,676 crore, up from Rs.1,57,434 crore in the previous Financial Year’s similar period, representing an almost 46 percent increase.

Self-Assessment Tax receipts for FY 2022-23 (as of 16.06.2022) are Rs.21,849 crore, up from Rs.15,483 crore in the previous Financial Year’s similar period, indicating a growth of more than 41%.

In the financial year 2022-23, refunds totaling Rs.30,334 crore were also issued.

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