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Gross Direct Tax Collection Registered Growth of 30% in 2022-23

The Central Board of Direct Taxes(CBDT) in a statement said that the net direct tax collections so far this financial year are at 700,669 crore, an increase of 23% as compared to 568,147 crore till the same period of the corresponding financial year. The total includes corporation tax of 368,484 crore and personal income tax (including securities transaction tax) worth 330,490 crore.

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What The CBDT Said:

The CBDT statement noted that the direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post-pandemic, notably as also the result of the stable policies focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology.

What The No. Suggests:

As per the CBDT statement, the gross collection of direct taxes (before adjusting for refunds) so far stands at 836,225 crore, as compared to 642,287 crore in the corresponding period of the preceding financial year, registering a growth of 30%, it said while adding that the the gross collection includes corporation tax at 436,020 crore and personal income tax (PIT) including securities transaction tax(STT) at 398,440 crore.

Total Direct Tax:

As per the CBDT statement, “the cumulative advance tax collections for the first and second quarter of the FY 2022-23 stand at 295,308 crore as on 17.09.2022, against advance tax collections of 252,077 crore for the corresponding period of the immediately preceding Financial Year i.e FY 2021-22, showing a growth of 17 per cent. The advance tax collection of 295,308 crore comprises corporation tax (CIT) at 229,132 crore and personal income tax (PIT) at 66,176 crore.”

It is worth noting that the speed of processing of income tax returns too rose this fiscal while almost 93% of the duly verified ITRs filed this year have been processed till Saturday, it said. “This has resulted in the faster issue of refunds with almost a 468 per cent increase in the number of refunds issued in the current financial year,” it added further that subsequently, refunds amounting to 135,556 crore have been issued so far against refunds of 74,140 crore being issued during the corresponding period in the preceding financial year 2021-22, showing a growth of around 83%.

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