Net direct tax mop-up rises 45% to over Rs 3.39 trillion till mid-Jun

According to the IT Dept, reports, net direct tax was reported to have crossed 45% till mid-Jun. The CBDT has claimed that this is signficant increase compared to the preceding year.

The net direct tax collections till mid-June this fiscal increased 45 per cent to over Rs 3.39 lakh crore, buoyed by decent advance tax mop-up, the Income Tax department said on Friday.

The net direct tax collection of over Rs 3.39 lakh crore includes Corporation Tax (CIT) at over Rs 1.70 lakh crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), at over Rs 1.67 lakh crore.

"The figures of Direct Tax collections for the Financial Year 2022-23, as on June 16, 2022, show that net collections are at Rs 3,39,225 crore compared to Rs 2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 per cent over the collections of the preceding year," the Central Board of Direct Taxes (CBDT) said.

The advance tax collections for the first quarter this fiscal stand at over Rs 1.01 lakh crore against Rs 75,783 crore in the corresponding period last fiscal, a growth of more than 33 per cent.

This comprises CIT at Rs 78,842 crore and PIT at Rs 22,175 crore.