At Rs 42,679 crore, advance tax collection up 48% in April-June quarter

Direct tax collection, net of refunds, stood at Rs 2.81 trillion, initial estimates show

Advance tax paid by companies in the first quarter of the fiscal year grew 46 per cent over that in the equivalent period in 2021-22, indicating healthy tax buoyancy that will provide the government the cushion to absorb part of the higher subsidy bill.
 
At Rs 42,679 crore, advance tax collection, corporation and personal, rose 48 per cent in the first quarter this fiscal year. Corporation advance tax in Q1 stood at Rs 26,798.6 crore against Rs 18,357.5 crore in the same period a year ago.
 
Advance personal income tax collection was 52.4 per cent higher in Q1