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| Photo Credit: Reuters
India’s net direct tax collections in 2022-23 surpassed the ₹11-lakh crore mark by December 17, reflecting a 19.8% uptick over last year, the Central Board of Direct Taxes said on Sunday. Last year, in the corresponding period, it was ₹9,47,959 crore.
“The net direct tax collection of ₹11,35,754 crore includes Corporation Tax (CIT) at ₹6,06,679 crore (net of refund) and Personal Income Tax, including Securities Transaction Tax at ₹5,26,477 crore (net of refund),” it said in a statement.
Prior to effecting refunds, the gross direct tax kitty for this year has risen 25.9% at ₹13.63 lakh crore compared to ₹10.83 lakh crore in the corresponding period of 2021-22. This included advance tax collections of ₹5,21,302 crore, tax deducted at source of ₹6,44,761 crore and self-assessment tax of ₹1.4 lakh crore.
Net direct tax collections had registered a 24.3% growth by November 30 to reach ₹8.77 lakh crore, and while the growth rate has slowed since then, the overall kitty was bolstered this month by advance tax collections for the October to December quarter.
The cumulative advance tax collections for the first, second and third quarter of 2022-23 are 12.83% higher than the ₹4.62 lakh crore collected in the same period last year, the statement said. The ₹5,21,302 crore advance tax revenues include CIT of ₹3,97,364 crore and Personal Income Tax collections of ₹1,23,936 crore.
