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- India’s net direct tax collections gathered pace over the past month to touch ₹8.77 lakh crore by November 30, or 24.3% higher than the year-earlier period, constituting almost two-third of the Budget target for 2022-23.
- The direct tax kitty, net of refunds, had crossed ₹7 lakh crore by September 17, 23.3% higher than 2021-22, but that growth slowed to 16.3% by October 8, when net collections stood at ₹7.45 lakh crore.
- In a series of tweets on Monday, the Finance Ministry said that there had been “steady growth in direct tax collections. Net collection in FY 2022-23 is 24.26% higher than the net collection for the corresponding period of the preceding year. 61.79% of Budget Estimates for FY 2022-23 already achieved.”
- Emphasising that refunds had been issued speedily, the Ministry said that 66.9% higher refunds were issued up to November compared with the year-earlier period.
Refunds issued
- “Refunds amounting to ₹2.15 lakh crore have been issued between 1st April, 2022 to 30th Nov., 2022,” it noted.
- The average processing time of income tax returns had been reduced from 26 days in 2021-22 to 16 days, while the period of verification of returns had been slashed to 30 days from 120 days, the Ministry added.
SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB
