Direct tax receipts show 30% increase
Premium- Net tax collections as of 17 Sep stood at ₹7 trillion against ₹5.68 trillion in the same period of FY22
NEW DELHI : The Centre’s direct tax revenue receipts continue to grow at a robust pace, with gross collections showing a 30% year-on-year jump to ₹8.36 trillion so far in FY23, the Central Board of Direct Taxes (CBDT) said on Sunday. It was ₹6.42 trillion in the same period a year ago.
A CBDT statement termed the growth an indicator of the revival of economic activity after the pandemic. It said this is also the result of stable government policies, focusing on simplification and streamlining of processes, and plugging of tax leakage by tapping technology.
After adjusting for tax refunds, net tax collections for FY23 as of 17 September stood at ₹7 trillion, compared with ₹5.68 trillion in the same period of FY22. This represents an increase of 23%.
The net direct tax collection so far includes corporate tax collection of ₹3.68 trillion and personal income tax collection of ₹3.3 trillion, which also includes securities transaction tax (STT) collection.
The authority collected ₹4.36 trillion in gross corporate tax and ₹3.98 trillion in gross personal income tax including STT.
A look at the mode of tax collections showed that CBDT is collecting more in terms of taxes deducted at source (TDS). It collected ₹4.34 trillion in TDS, ₹2.95 trillion as advance tax, ₹77,164 crore in self-assessment tax, ₹20,080 crore in regular assessment and ₹8,933 crore in other ways.
The cumulative advance tax collections for the first and second quarters of FY23 stood at ₹2.95 trillion as of 17 September, against advance tax collections of ₹2.52 trillion for the corresponding period of FY22, showing a growth of 17%, CBDT said.
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