Gross direct tax for the financial year 2022-23 stood at ₹13, 63, 649 crore, up 25.9% over last year, ministry of finance said in a statement issued on Sunday.
Gross tax collections are tax collections without refunds.
Net direct tax collections stood at ₹11, 35, 754 crore. This includes income tax collection of ₹5,26,477 crore and corporate tax of ₹6,06, 679 crore.
Total direct tax collection as on December 17, 2022 for the financial year 2022-23 stood at ₹11, 35, 754 crore, up 19.81%, from ₹9,47, 959 crore, the data showed.
Finance ministry further said, "The cumulative Advance Tax collections for the first, second and third quarter of the FY 2022-23 stand at ₹5,21,302 crore as on 17.12.2022, against Advance Tax collections of ₹4,62,038 crore for the corresponding period of the immediately preceding Financial Year i.e. 2021-22, showing a growth of 12.83%. The Advance Tax collection of ₹5,21,302 crore as on 17.12.2022 includes Corporation Tax (CIT) at ₹3,97,364 crore and Personal Income Tax (PIT) at ₹1,23,936 crore.
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The statement further read, “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 17.12.2022. This has resulted in faster issue of refunds with almost a 109% increase in the number of refunds issued in the current financial year. Refunds amounting to Rs. 2,27,896 crore have been issued in the FY 2022-23 till 17.12.2022, as against refunds of Rs.1,35,191 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 68.57%.”
