New Delhi: The finance ministry on Sunday said gross direct tax collections rose 30% to Rs 8.36 lakh crore till September 17 of the current financial year on higher advance tax collections following economic revival.
After adjusting for refunds of Rs 1.35 lakh crore, the net direct tax kitty grew by 23% to Rs 7 lakh crore. The gross collection of direct taxes for 2022-23 stood at Rs 8,36,225 crore as compared to Rs 6,42,287 crore in the year-ago period, registering a growth of 30%, the ministry said in a statement.
This includes Rs 4.36 lakh crore revenue from corporate income tax and Rs 3.98 lakh crore from personal income tax (PIT).
Direct tax collection is growing at a strong pace, a clear indicator of the revival of economic activity after the pandemic, as well as a result of the government’s stable policies on closing tax leakages through simplification and streamlining of procedures and effective use of focus. of technology, the ministry said.
For April-September, advance tax collection grew by 17% to Rs 2.95 lakh crore. This includes advance tax payment of Rs 2.29 lakh crore by corporate taxpayers. After adjustment for refunds, net direct tax collections grew by 23% to Rs 7,00,669 crore as compared to Rs 5,68,147 crore in the corresponding period of 2021-22. Refunds of Rs 1,35,556 crore have been issued in 2022-23 till September 17, which is 83% more than the year-ago period.
There has been a significant increase in the speed of processing of Income Tax Returns filed during the current financial year, with around 93% of the duly verified ITRs processed till 17.09.2022. This has resulted in faster issuance of refunds with an increase of about 468 per cent in the number of refunds issued in the current financial year, the ministry said.