default tax regime
LM NEWS 24
LM NEWS 24

Net Direct Tax Mopup Up 45% in 2022-23 Till June

default tax regime

India’s net collection from direct taxes rose to Rs 3,39,225 crore in the current financial year till June 16 as compared to Rs 2,33,651 crore recorded in the corresponding period of the last year, registering a year-on-year growth of 45 per cent, as per the government data released on Friday.

The net direct tax collections of Rs 3,39,225 crore as of June 16 in the current financial year include corporation tax of Rs 1,70,583 crore (net of refund) and the personal income tax including Security Transaction Tax (STT) at Rs 1,67,960 crore (net of refund), according to data released by the Central Board of Direct Taxes.

The gross collection of direct taxes (before adjusting for refunds) for the financial year 2022-23 till June 16 stands at Rs 3,69,559 crore compared to Rs 2,64,382 crore in the corresponding period of the preceding year, representing an increase of nearly 40 per cent year-on-year.

This includes corporation tax at Rs 1,90,651 crore and personal income tax including Security Transaction Tax (STT) at Rs 1,78,215 crore.

Minor head wise collection comprises advance tax of Rs 1,01,017 crore, Tax Deducted at Source (TDS) of Rs 2,29,676 crore, Self-Assessment Tax of Rs 21,849 crore, Regular Assessment Tax of Rs 10,773 crore, Tax on Distributed Profits of Rs 5,529 crore and Tax under other minor heads of Rs 715 crore.

The advance tax collections for the first quarter of 2022-23 stand at Rs 1,01,017 crore against Advance Tax collections of Rs 75,783 crore for the corresponding period of the previous year, showing a growth of more than 33 per cent.

This comprises corporation tax at Rs 78,842 crore and personal income tax at Rs 22,175 crore. This amount is expected to increase as further information is received from Banks, the Union Finance Ministry said in a statement.

The TDS collections for FY 2022-23 (as on June 16, 2022) stand at Rs 2,29,676 crore against TDS collections of Rs 1,57,434 crore for the corresponding period of the previous year, showing a growth of nearly 46 per cent.

The self-assessment tax collections for FY 2022-23 (as on June 16) stand at Rs 21,849 crore against self-assessment tax collections of Rs 15,483 crore for the corresponding period of the previous year, showing a growth of more than 41 per cent.

Refunds amounting to Rs 30,334 crore have been issued in the current financial year till June 16. (ANI)

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.

These cookies are essential in order to enable you to move around the website and use its features. Without these cookies basic services cannot be provided.

Cookie generated by applications based on the PHP language. This is a general purpose identifier used to maintain user session variables. It is normally a random generated number, how it is used can be specific to the site, but a good example is maintaining a logged-in status for a user between pages.
  • PHPSESSID

Used on sites built with Wordpress. Tests whether or not the browser has cookies enabled
  • wordpress_test_cookie

In order to use this website we use the following technically required cookies
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services
0
Would love your thoughts, please comment.x
()
x