Net direct tax collection grows 24 per cent to Rs 8.77 lakh crore: Finance Ministry

NEW DELHI: Continuing with the strong growth trends, the Centre’s net direct tax collection increased 24 per cent to Rs 8.77 lakh crore in the April-November period of the current fiscal.

“Direct tax collection net of refund stands at Rs 8.77 lakh crore as of November 30, which is 24.26 per cent higher than the net collection for the corresponding period last year,” the finance ministry said on Monday through a series of tweets.

Steady growth in Direct Tax collections!

Net collection in FY 2022-23 is 24.26% higher than the net collection for the corresponding period of the preceding year. #NotJustFinance #AatmanirbharForGrowth @nsitharamanoffc @IncomeTaxIndia @MIB_India pic.twitter.com/JVjno9zINb

— PIB in Jammu Kashmir & Ladakh (@PIBSrinagar) December 12, 2022

The collection represents 62% of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March). The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Direct taxes include corporate and individual income taxes.

The ministry also informed that refunds amounting to Rs 2.15 lakh crore were issued between April 1 and November 30, which is about 67 per cent higher than the last year. According to the finance ministry, 6.97 crore Income Tax Returns (ITR) for the assessment year 2022-23 have been filed till November 30, 2022.

It also informed that about 96.5 per cent of the returns filed till 30/11/2022 have already been e-verified. The period of verification has been reduced from 120 days to 30 days. Verification of Income Tax returns is a prerequisite for processing. Talking about efforts taken by the government to make the filing of ITRs hassle-free, the ministry said.