Income tax collection in Gujarat rose to Rs 41,000 crore, up 13% in FY 2022-23

AHMEDABAD: The income tax (I-T) collection in the financial year (FY) 2022-23 rose by 13% compared to FY 2021-22, indicated the income tax department data. The collection rose from Rs 36,800 crore to Rs 41,700 crore.

The amount included Rs 24,800 crore in tax deducted at source (TDS), Rs 17,300 crore in advance tax, Rs 7,800 crore in self-assessment and Rs 1,000 crore in regular assessment. The income tax payers also received Rs 10,000 crore in refunds, nearly double from Rs 5,100 crore in FY 2021-22.
The income taxpayers contributed to half of the Rs 82,900 crore direct tax collection from Gujarat, indicated data. The other half came from the corporate tax.
The rise is seen as the impact of Covid pandemic receding and corporate entities and individuals finding their feet again.
Recently, CBDT figures for direct collection for financial year 2023-24 showed collection of Rs 3.79 lakh crore till June 17 for India compared to Rs 3.41 lakh crore in FY 2022-23, showing an increase of 11%. The gross collection rose by 13% from Rs 3.71 lakh crore to Rs 4.19 lakh crore for the same period. The figures included corporation tax, and personal income tax.