Transaction tax

Recorded growth in gross direct tax collection of 30% in 2022-23

The Central Commission of Direct Taxes (CBDT) in a statement said the net collections of direct taxes so far this exercise are to 700,669 crore, an increase of 23% compared to 568,147 crores till the same period of the corresponding financial year. The total includes the corporation tax of 368,484 crore and personal income tax (including securities transaction tax) 330,490 crores.

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What the CBDT said:

The CBDT statement noted that direct tax collections continue to grow at a healthy pace, a clear indicator of the recovery of post-pandemic economic activitynot least also due to stable policies focused on simplifying and streamlining processes and obstructing tax leakage through effective use of technology.

What the number suggests:

According to the CBDT statement, the gross collection of direct taxes (before adjustment for refunds) so far amounts to 836,225 crore, compared to 642,287 crores during the corresponding period of the previous financial year, registering a growth of 30%she said while adding that gross collection includes corporation tax at 436,020 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at 398,440 crore.

Total direct tax:

According to the CBDT statement, “the cumulative advance tax collections for the first and second quarters of the 2022-23 financial year amount to 295,308 crore as of 17.09.2022, against advance tax collections of 252,077 crores for the corresponding period of the previous financial year, i.e. the financial year 2021-22, showing a growth of 17%. Advance collection of tax on 295,308 crores include corporation tax (IS) at 229,132 crores and personal income tax (IPP) at 66,176 crore.

It should be noted that the speed of processing tax returns has also increased during this fiscal year. nearly 93% of RTIs duly verified filed this year were processed through Saturday, he said. “This resulted in faster issuance of refunds with almost a 468% increase in the number of refunds made in the current fiscal year“, he added that subsequently refunds amounting to 135,556 crores have been issued so far against repayments of 74,140 crore issued in the corresponding period of the previous financial year 2021-22, showing a growth of around 83%.

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