Net direct tax collections up 23% so far in 2022-23: official

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Direct tax collection continues to grow at a solid pace.

New Delhi:

Net direct tax collections so far this fiscal year are Rs 700,669 crore, up 23 percent compared to Rs 568,147 crore to the same period of the corresponding fiscal year, the Central Board of Direct Taxes said on Sunday.

The total includes corporate tax of Rs 368,484 crore and personal income tax (including tax on securities transactions) worth Rs 330,490 crore.

Direct tax collection continues to grow at a strong pace, a clear indicator of the revival of economic activity after the pandemic, and also the result of stable policies aimed at simplifying and streamlining processes and closing tax leaks through effective use of technology.

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The gross collection of direct taxes (before adjusting for refunds) is so far at Rs 836,225 crore, compared to Rs 642,287 crore in the corresponding period of the previous fiscal year, a growth of 30 percent.

The gross collection includes corporate income tax at Rs 436,020 crore and personal income tax (PIT) including securities transaction tax (STT) at Rs 398,440 crore.

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“The cumulative withholding taxes for the first and second quarters of the fiscal year 2022-23 stands at Rs 295,308 crore as at 17.09.2022, against withholding taxes of Rs 252,077 crore for the corresponding period of the immediately preceding fiscal year, i.e. FY 2021-22 The withholding tax of Rs 295,308 crore includes corporate tax (CIT) of Rs 229,132 crore and personal income tax (PIT) of Rs 66,176 crore,” the CBDT statement said.

In particular, the speed of processing of income tax returns increased for tax purposes.

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Nearly 93 percent of duly verified ITRs filed this year have been processed by Saturday, it said.

“This has resulted in faster issuance of refunds with a nearly 468 percent increase in refunds issued in the current fiscal year,” it added.

Subsequently, refunds of Rs 135,556 crore have been issued so far against refunds of Rs 74,140 crore issued during the corresponding period in the previous fiscal year 2021-22, with a growth of about 83 percent.

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