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
