Collection for 2022-21 to December 2022

The direct tax collection figures for the financial year 2022-23, as on 17.12.2022 show that at Rs. 11.35, 754 crore, compared to Rs. 9,47,959 crore in the corresponding period of the previous financial year, i.e. FY 2021-22, showing a growth of 19.81%.

Net Direct Tax Savings is Rs. 11,35,754 crore (as on 17.12.2022) includes corporate income tax (CIT) of Rs. 6,06,679 crore (without refund) and Personal Income Tax (PIT) including Business Transaction Tax (STT) of Rs. 5,26,477 crore (excluding refunds).

The total direct tax (before revision adjustment) for FY 2022-23 is Rs. 13,63,649 crore as against Rs. 10,83,150 crore in the corresponding period of the previous fiscal year, a growth of 25.90% compared to the collection in FY 2021-22.

The Gross Collection of Rs. 13,63,649 crore includes corporate income tax (CIT) of Rs. 7,25,036 crore and personal income tax (PIT) including business transaction tax (STT) of Rs. 6,35,920 crore. The petty cash collection includes advance tax of Rs. 5,21,302 crore; Tax deducted at source Rs. 6,44,761 million; Self Assessment Tax of Rs. 1.40, 105 crore; Regular Assessment Tax Rs. 46,244 crore; and the tax under the head of other minor Rs. 11,237 crore.

The combined revenue collection for the first, second and third quarters of FY 2022-23 is Rs. 5,21,302 crore as on 17.12.2022, against advance collection of Rs. 4,62,038 crore for the corresponding period of the previous financial year, i.e. 2021-22, showing a growth of 12.83%. 3,97,364 crore advance tax and personal income tax (PIT) of Rs. 1,23,936 crore.

There has been a remarkable increase in the speed of processing of tax returns, with almost 96.5% of the duly certified ITRs completed till 17.12. 2022. This resulted in faster issuance of refunds with a nearly 109% increase in the number of refunds issued in the current fiscal year. Cashback worth Rs. 2,27,896 crore was disbursed in FY 2022-23 till 17.12.2022, as against a refund of Rs.1.35, 191 crore disbursed during the corresponding period of FY 2021 -22 previously, which shows an increase of more than 68.57 %.

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