The total amount collected through direct taxes, which was more than 3.39 trillion rupees, is comprised of over 1.70 trillion rupees in Corporation Tax (CIT) and over 1.67 trillion rupees in Personal Income Tax (PIT), which includes Security Transaction Tax (STT).
The Income Tax department said on Friday that between April and the middle of June, net direct tax collections increased by 45 percent to more than Rs 3.39 lakh crore. This increase reflects an upsurge in the economy.
The increase in revenue is primarily the result of a gain of 47 percent in TDS mop-up and a rise of 33 percent in advance tax realisation for the April-June quarter.
In addition to the Corporation Tax (CIT) collection of more than 1.70 lakh crore, the Personal Income Tax (PIT) collection of more than 1.67 lakh crore, which included the Security Transaction Tax (STT), brought the total net direct tax collection to more than 3.39 lakh crore.
According to the Central Board of Direct Taxes (CBDT), “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.” This represents an increase of 45 percent over the collections of the preceding year. “The figures of direct tax collections for the financial year 2022-23, as on June 16, 2022”
The amount collected has increased by 171% when compared to the same time period in 2020-21, when it stood at 1.25 million crore rupees. Additionally, the amount has increased by 103% when compared to the 1.67 million crore rupees that was collected during the same time period in 2019-20.
The total gross receipts reached more over Rs 3.69 lakh crore as of June 16 after a growth of 40 percent. During the same time period the previous year, the total amount collected was above Rs. 2.64 lakh crore.
The total amount collected was adjusted to account for refunds of 30,334 crore rupees.
The advance tax revenues for the first quarter of current fiscal year was at over Rs 1.01 lakh crore, compared to Rs 75,783 crore in the same period of the previous fiscal year. This represents an increase of more than 33 percent.
This includes CIT at a total of 78,842 billion and PIT at a total of 22,175 billion.
When compared to the amount of Rs 1,57,434 crore that was collected during the same time period in the previous fiscal year, the TDS collections came in at over Rs 2.29 lakh crore, representing a 46 percent increase.
The amount of money collected through self-assessment tax was 21,849 crore, which is a 41% increase over the amount of money collected through self-assessment tax in the same time period a year before, which was 15,483 crore.
In the most recent financial year, which concluded on March 31, 2022, India’s direct tax collection reached a new high of Rs 14.10 lakh crore, an increase of 49%.
During the current fiscal year, the government anticipates bringing in a total of 14.20 million crore rupees via direct taxation. This comprises individual taxpayers who contributed Rs 7 lakh crore and business taxpayers who contributed Rs 7.20 lakh crore.