The gross direct tax for the financial year 2022-23 has increased 13, 63, 649 crore, up 25.9% from last year, the finance minister said in a statement issued on Sunday.

A large collection is a non-refundable collection.

Direct cash collections amounted to 11, 35, 754 crores. This includes the collection of income tax on 5,26,477 crore and corporate tax 6,06,679 crore.

The total direct tax collected on 17 December 2022 for the financial year 2022-23 is 11, 35, 754 crore, up 19.81%, from 9,47, 959 crore, the data showed.

The Finance Minister also announced that “the total advance tax for the first, second and third quarter of FY 2022-23 5,21,302 crore as on 17.12.2022, against collection of funds before 4,62,038 crore for the corresponding period of the previous financial year, i.e. 2021-22, showing a growth of 12.83%. The collection of taxes in advance of 5,21,302 crore as on 17.12.2022 includes corporate income tax (CIT) on 3,97,364 crore and personal income tax (PIT) of 1,23,936 crore.

The statement further reads: “There has been a significant increase in the speed of processing of current income tax returns, with nearly 96.5% of ITRs being processed correctly. – the law has been completed until 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 to 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%. “


Investors can invest in ELSS mutual funds to save income tax.

First published: December 18, 2022, 11:55 am IST

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