The Finance Ministry on Sunday said that India’s net direct tax collection has crossed Rs 7 lakh crore so far this year, up 23.33% over the same period last year, indicating a clear post-pandemic recovery in the economy. Is.
Net direct tax collection stood at ₹7,00,669 crore on Saturday, as against ₹5,68,147 crore as of September 17, 2021, with corporate taxes inflows at ₹3,68,484 crore. 3.3 lakh crore has been received from personal income tax and securities transaction tax (STT).
“Direct tax collections are growing at a strong pace, a clear indicator of the revival of economic activity post the pandemic, a result of the government’s stagnant policies, which focus on simplification and streamlining of procedures and plugging tax leakage through effective means. focuses. use of technology,” the ministry said in a statement.
Gross direct tax revenue was 30.2% higher at ₹8,36,225 crore as compared to the corresponding period of 2021-22. This includes corporation tax of ₹4.36 lakh crore and personal income tax including STT of ₹3,98,440 crore. The tax deducted at source was over ₹4.34 lakh crore of the gross tax kitty, while the self-assessment tax was ₹77,164 crore.
advance tax collection
Advance tax collection stood at ₹ 2,95,308 crore, which is 17% higher than the corresponding period of 2021-22, with corporate tax contributing a little over ₹ 2.29 lakh crore and personal income tax inflow, the remaining ₹ 66,176 crore.
The ministry said there has been a “significant increase in the speed of processing of income tax returns filed during the current financial year”, with around 93 per cent of the duly verified ITRs processed till September 17.
“This has led to faster issue of refunds with an increase of about 468% in the number of refunds issued in the current financial year. Refunds amounting to ₹1,35,556 crore have been issued till 17.09.2022, as against refunds of ₹74,140 crore issued during the same period in the preceding financial year 2021-22, showing an increase of over 83%, “The statement said.
Regular Assessment Tax contributed ₹20,080 crore to the gross direct tax collection and brought the tax under other minor heads to ₹8,933 crore.