IGI Logo

The Central Board of Direct Taxes (CBDT) has said that the gross direct tax collections have grown 26 per cent to over Rs 13.63 lakh crore so far this fiscal, aided by TDS deductions and healthy corporate advance tax mop-up. After adjusting for refunds, the net direct tax collection so far this fiscal stands at Rs 11.35 lakh crore, which is about 80 per cent of the full-year gross Budget target. Refunds worth about Rs 2.28 lakh crore have been issued till December 17, 2022, a growth of 68 per cent over the year-ago period.

The gross collection of Rs 13,63,649 crore includes Corporation Tax (CIT) at Rs 7.25 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 6.35 lakh crore. The robust tax mop-up shows the economy rebounded from pandemic lows with rise in earnings of both companies and individuals. The mop-up includes advance tax collection of Rs 5.21 lakh crore, Tax Deducted at Source (TDS) of Rs 6.44 lakh crore, and self-assessment tax of Rs 1.40 lakh crore.

As per the CBDT, so far this fiscal, the net collections from income and corporate taxes are at Rs 11.35 lakh crore, 19.81 per cent higher than the Rs 9,47,959 crore collected in the corresponding period of the preceding financial year (2021-22). This includes Rs 6.06 lakh crore and Rs 5.26 lakh crore of CIT and PIT collections, respectively. The CBDT further said there has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 96.5 per cent of the duly verified ITRs having been processed till December 17.