Net direct tax collections at Rs 3,39,225 crore so far in FY23, grows 45% YoY

The Central Board of Direct Taxes (CBDT) has announced on Friday that the figures of direct tax collections for FY23, as of June 16, show a 45 per cent jump in net collection over the corresponding period of the previous financial year. 

According to CBDT, net collections are at Rs 3,39,225 crore as of June 16 compared to Rs 2,33,651 crore over the corresponding period of the preceding year. 

"The net collection (as on 16.06.2022) in F.Y. 2022-23 has registered a growth of 171 per cent over the corresponding period of FY 2020-21 when the net collection was Rs. 1,25,065 crore, and a growth of 103 per cent over the corresponding period of FY 2019-20 when the net collection was Rs 1,67,432 crore," noted CBDT in an official statement. 

The CBDT further explained that the net collection of Rs 3,39,225 crore includes Corporation Tax (CIT) at Rs 1,70,583 crore (net of refund) and Personal Income Tax (PIT), including Security Transaction Tax (STT) at Rs 1,67,960 crore (net of refund).

The gross collection of Direct Taxes, before adjusting for refunds, for FY23 stands at Rs 3,69,559 crore compared to Rs 2,64,382 crore in the corresponding period of the preceding year, representing an increase of almost 40 per cent over the collections of the preceding year. This includes Corporation Tax (CIT) at Rs. 1,90,651 crore and Personal Income Tax (PIT), including Security Transaction Tax (STT) at Rs. 1,78,215 crore. 

"Minor head wise collection comprises Advance Tax of Rs. 1,01,017 crore, Tax Deducted at Source of Rs.2,29,676 crore, Self-Assessment Tax of Rs 21,849 crore, Regular Assessment Tax of Rs 10,773 crore, Tax on Distributed Profits of Rs 5,529 crore and Tax under other minor heads of Rs 715 crore," noted CBDT. 

The advance tax collections for Q1 of FY23 stand at Rs. 1,01,017 crore against advance tax collections of Rs. 75,783 crore for the corresponding period of FY22, showing a growth of more than 33 per cent. 

The TDS collections for FY23 as of June 16 stand at Rs 2,29,676 crore against TDS collections of Rs. 1,57,434 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of nearly 46 per cent.

The self-assessment tax collections for FY 2022-23 stand at Rs 21,849 crore against self-assessment tax collections of Rs 15,483 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of more than 41 per cent

Refunds amounting to Rs. 30,334 crore have also been issued in the FY 2022-23.

Also read: Will the Curtains Fall for the One Nation, One Tax Regime?