The figures of Direct Tax collections for the Financial Year 2022-23, as on 17.12.2022 show that net collections are at Rs. 11,35,754 crore, compared to Rs. 9,47,959 crore in the corresponding period of the preceding Financial Year i.e FY 2021-22, representing an increase of 19.81%.
The Net Direct Tax collection of Rs. 11,35,754 crore (as on 17.12.2022) includes Corporation Tax (CIT) at Rs. 6,06,679 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 5,26,477 crore (net of refund).
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%.
Direct Tax collections for the Financial Year 2022-23 as of 17.12.2022:
- Net collections: Rs. 11,35,754 crore
- Net collections breakdown:
- Corporation Tax (CIT): Rs. 6,06,679 crore (net of refund)
- Personal Income Tax (PIT) including Securities Transaction Tax(STT): Rs. 5,26,477 crore (net of refund)
- Gross collections (before adjusting for refunds): Rs. 13,63,649 crore
- Gross collections breakdown:
- Corporation Tax (CIT): Rs. 7,25,036 crore
- Personal Income Tax (PIT) including Securities Transaction Tax(STT): Rs. 6,35,920 crore
- Minor head-wise collection breakdown:
- Advance Tax: Rs. 5,21,302 crore
- Tax Deducted at Source: Rs. 6,44,761 crore
- Self-Assessment Tax: Rs. 1,40,105 crore
- Regular Assessment Tax: Rs. 46,244 crore
- Tax under other minor heads: Rs. 11,237 crore
- Advance Tax collections for the first, second, and third quarter of FY 2022-23: Rs. 5,21,302 crore
- Advance Tax collections breakdown:
- Corporation Tax (CIT): Rs. 3,97,364 crore
- Personal Income Tax (PIT): Rs. 1,23,936 crore
- Processing of income tax returns:
- Almost 96.5% of duly verified ITRs have been processed as of 17.12.2022.
- Refunds issued in FY 2022-23 (as of 17.12.2022): Rs. 2,27,896 crore
- Refunds issued during the corresponding period in FY 2021-22: Rs. 1,35,191 crore
- Growth in refunds issued: over 68.57% (109% increase in the number of refunds issued)
