On Sunday, the finance ministry reported that greater advance tax mop-up has resulted in a 30% increase in net direct tax collections to Rs 8.36 lakh crore until September 17 of the current fiscal year.
A direct tax is one that is paid by an individual or group of individuals directly to the body that levied it. Taxes on assets, real estate, personal property, and income are a few examples that are all paid by an individual taxpayer directly to the government.
According to the ministry, “the gross collection of direct taxes for FY 2022-23 stands at Rs 8,36,225 crore (before adjusting for refunds) compared to Rs 6,42,287 crore in the corresponding period of the preceding financial year, i.e. 2021-22, registering a growth of 30% over collections of 2021-22.”
https://tdznkwjt9mxt6p1p8657.cleaver.live/imf-forecast-for-india-for-fy23/
As of September 17, the total amount of advance tax receipts for the months of April through September was Rs 2,95,308 crore, an increase of 17% from the same time last year. Corporate Income Tax, at Rs. 4.36 lakh crore, and Personal Income Tax (PIT), comprising Securities Transaction Tax, at Rs. 3.98 lakh crore, make up the total revenue of Rs. 8.36 lakh crore.
This includes income from personal income tax (PIT), which is worth Rs. 3.98 lakh crore and corporate income tax, which is worth Rs. 4.36 lakh crore. Advance tax revenue increased by 17% to Rs 2.95 lakh crore from April to September. This includes the Rs 2.29 lakh crore in advance tax payments made by corporate taxpayers.
The Ministry of Finance said on Sunday that gross direct tax receipts for the central government increased by 30% to Rs. 8,36,225 crore in the fiscal year 2022–23. In addition, the net collection increased by 23% to Rs 7,00,669 crore from Rs 5,68,147 crore in FY 2021–22. These numbers are valid till September 17, 2022.
The government cited the data to claim that the increase in collections was a definite sign that the economy had recovered from the pandemic. The gross collection for the FY 2022–23 is Rs 8,36,225 crore (before accounting for refunds), up from Rs 6,42,287 crore the year before. The total revenue includes PIT with STT at Rs. 3,98,440 crore and CIT at Rs. 4,36,020 crore.
According to the ministry, the amount of tax collected on a per-minor head basis is as follows: advance tax of Rs 2,95,308 crore; tax deducted at source of Rs 4,34,740 crore; self-assessment tax of Rs 77,164 crore; regular assessment tax of Rs 20,080 crore; and tax under other minor heads of Rs 8,933 crore.
Corporation Tax (CIT) at Rs 3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 3,30,490 crore are included in the net direct tax collection of Rs 7,00,669 crore (net of rebate).
 Net direct tax revenues increased 23% to Rs 7,00,669 crore after accounting for refunds, compared to Rs 5,68,147 crore during the same period in 2021–2022 By September 17, 2022–2023, there had been refunds given totaling Rs 1,35,556 crore, an increase of 83% from the same time last year.
The amount of time it takes to process income tax returns filed during the current fiscal year has significantly increased; as of 17.09.2022, about 93% of ITRs with proper verification had been processed. According to the ministry, this has led to faster refund processing, with approximately a 468% increase in reimbursements issued in the current fiscal year.
The government’s stable policies, which center on streamlining and streamlining processes and plugging tax leakage through effective use of technology, have resulted in direct tax collections continuing to grow at a robust rate, the ministry said. This is a clear indicator of the recovery of economic activity following the pandemic.
After accounting for refunds, net collections increased 23% to Rs 7,00,669 crore from Rs 5,68,147 crore during the same period in 2021–2022 (up from Rs 5,68,147 crore).The current fiscal year’s gross direct tax collections increased 30% to Rs 8.36 lakh crore as of September 17 on higher advance tax mop-up supported by the post-pandemic economic recovery, the finance ministry reported on Sunday.
The net direct tax kitty increased by 23% to Rs 7 lakh crore after accounting for refunds of Rs 1.35 lakh crore. According to a statement from the ministry, the total amount of direct taxes collected in 2022–23 was Rs 8,36,225 crore as opposed to Rs 6,42,287 crore in the same time last year, representing a 30% increase.
