Direct Income Tax collection in India increased by 25.90% for the financial year 2022-23. According to the Income Tax Department of India, the main collection is at 13,63,649 crore as on 17 December 2022. Last year, in the corresponding period 10,83,150 crore.

The collection of 13,63,649 crore includes corporate income tax (CIT) on 7,25,036 crore and personal income tax (PIT) including STT on 6,35,920 crore.

The strong tax increase shows the economic recovery from the epidemic with the increase in the income of companies and individuals.

This year’s fundraising has also witnessed growth. According to the latest data of the IT department, the net collection has increased by 19.81% in FY2022-23.

Standing on the 11,35,754 crore as against 9,47,959 crore in the corresponding period of the previous financial year, which is about 80% of the Budget target for the entire year.

The Budget estimated direct tax collection 14.20 lakh crore this year, higher than the 14.10 lakh crore collected recently (2021-22). Corporate and personal income taxes make up direct taxes.

A decent review 2.28 lakh crore has been released till December 17, 2022, an increase of 68 percent over the previous period.

The collection of direct taxes on 11,35,754 crore includes corporate income tax (CIT) on 6,06,679 crore (without refund) and personal income tax (PIT) including business transaction tax (STT) on 5,26,477 crore (excluding refunds).

On the other hand, the combined tax collection for the first, second and third quarters of FY 2022-23 5,21,302 crore against pre-tax collection 4,62,038 crore for the corresponding period of FY 2022, representing a growth of 12.83%.

The collection of taxes in advance of 5,21,302 crore includes the CIT of 3,97,364 crore and PIT on 1,23,936 crore.

The CBDT also said that there has been a remarkable increase in the speed of processing of income tax returns, with nearly 96.5 per cent of the validly verified ITRs being processed. has been completed since December 17th.

“This has led to faster issuance of refunds which has increased the number of refunds issued in the current financial year by almost 109%,” he said.

2,27,896 crore of refunds issued this year as compared to refunds. 1,35,191 crore posted during the corresponding period last year.

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