Net direct tax collections for FY23 jump 45%

India's direct tax collections for the Financial Year 2022-23, as on 16 June 2022, showed net collections at Rs 3,39,225 crore compared with Rs 2,33,651 crore in the corresponding period of the preceding year, representing an increase of 45%.

The net direct tax collection of Rs 3,39,225 crore included Corporation Tax (CIT) at Rs 1,70,583 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 1,67,960 crore (net of refund).

Refunds amounting to Rs 30,334 crore have also been issued in the FY 2022-23.

The gross collection of direct taxes (before adjusting for refunds) for the FY23 stands at Rs 3,69,559 crore compared to Rs 2,64,382 crore in the corresponding period of the preceding year, representing an increase of almost 40% over the collections of the preceding year.

The net collection in the current financial year has registered a growth of 171% over the corresponding period of financial year 2020-21.

The advance tax collections for the first quarter of the FY 2022-23 stand at Rs 1,01,017 crore against Rs 75,783 crore for the corresponding period, showing a growth of more than 33%.

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