The Gross collection of Direct Taxes has registered a growth of 25.90 percent which stood at 13,63,649 crore rupees in the financial year 2022-23. The Gross collection in the corresponding period stood at 10,83,150 crore rupees. According to the Finance Ministry data, the Net Direct tax collection for FY 2022-23 stood at 11,35,754 crore rupees, registering a growth of 19.81 percent. The Net Direct tax collection for the corresponding period was recorded at 9,47,959 crore rupees.
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There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 96.5% of the duly verified ITRs having been processed till 17.12.2022. This has resulted in faster issues of refunds with nearly a 109% increase in the number of refunds issued in the current financial year. Refunds amounting to Rs. 2,27,896 crore have been published in the FY 2022-23 till 17.12.2022, as against refunds of Rs.1,35,191 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 68.57%.
The Budget had estimated direct tax collection of ₹14.20 lakh crore this financial year, higher than the ₹14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes.
DIRECT TAX | Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity. Incidence = Impact. e.g.- Income Tax, Corporation Tax. |
INDIRECT TAX | where the incidence and impact of taxation does not fall on the same entity. Taxes that can be shifted from one individual to another like sales tax, entertainment tax, excise duty. Incidence ≠ Impact. |
DIRECT TAXES | UNION GOVT. | STATE GOVT. |
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On Assets |
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