Tax Collection: A total refund of Rs 2.69 lakh crore has been issued by the Ministry of Finance, which is 61.58 percent more than the same period of the last financial year.
Direct Tax Collections: The Finance Ministry has released the Provisional Data of Direct Tax Collections, in which a tremendous growth is being seen in the tax collection. In the financial year 2022-23, the direct tax collection has reached Rs 15.67 lakh crore, which is 24.09 percent more than the previous year. These are the figures of direct tax collection till February 10, 2023.
After issuing refunds to taxpayers, the direct tax collection has been Rs 12.98 lakh crore, which is 18.40 percent more than the same period of the last financial year. The Finance Ministry said that the direct tax collection is 91.39 per cent of the budget estimates, while it is 78.65 per cent of the revised estimates for 2022-23.
Gross Direct Tax collections for FY 2022-23 upto 10th February,2023 are at Rs.15.67 lakh crore, higher by 24.09% over gross collections for corresponding period of preceding yr.— Income Tax India (@IncomeTaxIndia) February 11, 2023
Net collections at Rs.12.98 lakh crore are 18.40% higher than net collections for same period last yr pic.twitter.com/zScjec2Vsl
During this period, there has been an increase of 19.33 percent in Corporate Income Tax, while Personal Income Tax (Personal Income Tax), which includes Security Transaction Tax (Security Transaction Tax) imposed on the purchase of shares, has increased by 29.63 percent. The boom has been seen. After adjusting the refund, the collection has increased by 15.84 percent in corporate income tax and 21.93 percent in personal income tax. On the other hand, if the Security Transaction Tax (STT) is added to the personal income tax, then the collection has increased by 21.23 percent.
According to the Finance Ministry, between April 1, 2022 and February 10, 2023, a total refund of 2.69 lakh crore has been issued, which is 61.58 percent more than the same period of the last financial year. The government had set a target of Rs 14.20 lakh crore direct tax collection in the financial year 2022-23.