NET DIRECT TAX REVENUE UP 20%

  • India’s net direct tax collections in 2022-23 surpassed the ₹11-lakh crore mark by December 17, reflecting a 19.81% uptick over last year’s, the Central Board of Direct Taxes said on Sunday. Last year, in the corresponding period, it was ₹9,47,959 crore.
  • “The net direct tax collection of ₹11,35,754 crore includes corporation tax (CIT) at ₹6,06,679 crore (net of refund) and personal income tax, including securities transaction tax at ₹5,26,477 crore (net of refund),” it said in a statement.
  • Prior to effecting refunds, the gross direct tax kitty for this year has risen 25.9% at ₹13.63 lakh crorecompared to₹10.83 lakh crorein the corresponding period of 2021-22.
  • This included advance tax collections of ₹5,21,302 crore, tax deducted at source of ₹6,44,761 crore and self-assessment tax of ₹1.4 lakh crore.
  • Net direct tax collections had registered a 24.3% growth by November 30 to reach ₹8.77 lakh crore, and while the growth rate has slowed since then, the overall kitty was bolstered this month by advance tax collections for the October to December quarter.
  • The cumulative advance tax collectionsfor the first, second and third quarter of 2022-23 are 12.83% higher than the ₹4.62 lakh crore collected in the same period last year,the statement said. The ₹5,21,302 crore advance tax revenues include CIT of ₹3,97,364 crore and personal income tax collections of ₹1,23,936 crore.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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