Image for representation purposes only. | photo credit: Reuters
India’s net direct tax collections in 2022-23 topped the ₹11 lakh crore mark on December 17, reflecting a 19.8% increase from last year, the Central Board said on Sunday. of Direct Taxes. Last year, in the corresponding period, it was ₹9,47,959 crore.
“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 tax on securities transactions at ₹5,26,477 crore (net of redemption),,” it said in a statement.
Prior to making the refunds, the gross direct tax pool for this year increased by 25.9% to ₹13.63 lakh crore from ₹10.83 lakh crore in the corresponding period of 2021-22 . This included advance tax collections of ₹5,21,302 crore, withholding tax of ₹6,44,761 crore and self-assessment tax of ₹1.4 crore lakh.
Net direct tax collections had registered a growth of 24.3% as of November 30 to reach ₹8.77 lakh crore, and although the growth rate has slowed since then, the overall kitty has been strengthened this month by advance tax collections for the quarter from October to December.
The cumulative advance tax collections for the first, second and third quarters of 2022-2023 are 12.83% higher than the ₹4.62 lakh crore collected in the same period last year, according to the statement. The anticipated tax revenue of ₹5,21,302 crore includes corporation tax of ₹3,97,364 crore and personal income tax collections of ₹1,23,936 crore.