Net direct tax collections for FY23 soar 20% till 17 Dec  

NEW DELHI:  Net direct tax collections for 2022-23 has reached R11,35,754 crore as on 17 December 2022, showing a 19.81% growth compared to R9,47,959 crore in the corresponding period of the preceding Financial Year 2021-22.

The Net Direct Tax collection of R11,35,754 crore includes R 6,06,679 crore in corporation tax and R5,26,477 crore (net of refund) in Personal Income Tax (PIT) including Securities Transaction Tax (STT). 
The Gross collection of Direct Taxes (before adjusting for refunds) for 2022-23 stands at R13,63,649 crore compared to R 10,83,150 crore in the corresponding period of the preceding financial year, registering a growth of 25.90% over collections of 2021-22. 

The Gross collection of R 13,63,649 crore includes corporation tax at R 7,25,036 crore and personal income tax including STT at R6,35,920 crore accounted for R 5,21,302 crore, tax deducted at source (TDS) accounted for R 6,44,761 crore; Self-Assessment Tax of R1,40,105 crore; Regular Assessment Tax of R46,244 crore; and Tax under other minor heads of R11,237 crore. 

Of the total advance taxes collected till 17 December 2022, corporate taxes accounted for R 3,97,364 crore, while personal taxes accounted for R1,23,936 crore. During the same period, refunds amounting to R2,27,896 crore were issued as against refunds of R1,35,191 crore issued during the corresponding period in the preceding financial year, showing a growth of over 68.57%. 

There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 96.5% of the duly verified ITRs having been processed till 17 December. This has resulted in the faster issues of refunds with almost a 109% increase in the number of refunds issued in the current financial year.