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Clear indicator of the recovery in economic activity after the pandemic, Direct tax collection continues to grow

Direct tax collection continues to grow at a robust pace, a clear indicator of the recovery in economic activity after the pandemic, which is also the result of the government’s steady policy of simplifying and streamlining processes and plugging tax evasion through the effective use of technology. The direct tax collection data for the fiscal year 2022-23, as on 17.09.2022, shows that the net collection is at Rs. 7,00,669 crore, compared to Rs. 5,68,147 crore in the corresponding period of the previous financial year i.e. FY 2021-22, representing an increase of 23%. Net Collection of Direct Taxes Rs. 7,00,669 crore (excluding compensation) includes Corporate Income Tax (CIT) at Rs. 3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 3,30,490 million crowns.

The gross collection of direct taxes (before adjustment for refunds) for the fiscal year 2022-23 stands at Rs. 8,36,225 crore compared to Rs. 6,42,287 crore in the corresponding period of the previous financial year i.e. FY 2021-22, which is an increase of 30% over the collections for FY 2021-22. Gross collection of Rs. 8,36,225 crore includes Corporate Income Tax (CIT) at Rs. 4,36,020 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 3,98,440 million crowns.

The collection of small heads includes an advance tax of Rs. 2,95,308 crore; Tax Deducted at Source Rs. 4,34,740 trillion; Self Assessment Tax Rs. 77.164 million; Normal assessment tax Rs. 20,080 million crowns; and taxes under other minor heads Rs. 8,933 million crowns. The cumulative collection of advance taxes for the first and second quarters of the fiscal year 2022-2023 stands at Rs. 2,95,308 crore as on 17.09.2022, against advance tax collection of Rs. 2,52,077 crore for the corresponding period of the immediately preceding financial year i.e. FY 2021-22, representing a growth of 17%.

Collection of Advance Tax Rs. 2,95,308 crore includes Corporation Tax (CIT) at Rs. 2,29,132 crore and Personal Income Tax (PIT) at Rs. 66,176 crores. During the current fiscal period, the processing of income tax returns was significantly accelerated, with almost 93% of duly verified ITRs processed by 17/09/2022. This has led to faster refunds being issued with almost a 468% increase in the number of refunds issued in the current financial year. Reimbursements of Rs. 1,35,556 crores have been issued in FY 2022-23 till 17.09.2022 against refunds of Rs. 74,140 crore issued during the corresponding period in the previous financial year 2021-22, an increase of over 83%.

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