Direct Tax Collection registers growth of 30 per cent in 2022-23

The gross direct tax collections has registered a growth of 30 percent in the current financial year in comparison to 2021-22. Finance Ministry said, as on September  17, the gross collection of direct taxes in 2022-23 is at over eight lakh 36 thousand crore rupees compared to over six lakh 42 thousand crore rupees in 2021-22. It said, net Direct Tax collections have also grown at 23 percent for the current financial year.The Ministry said, there has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal. Almost 93 percent of the duly verified ITRs having been processed till 17th of this month.This has resulted in the faster issue of refunds with almost a 468 percent increase in the number of refunds issued in 2022-23. Refunds amounting to over one lakh 35 thousand crore rupees have been issued in the current financial year till date.

“Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post-pandemic, as also the result of the stable policies of the government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology,” it said in a statement. Net collections include corporation income tax (CIT) at Rs368,484 crore and personal income tax (PIT), inclusive of securities transaction tax (STT) at Rs 330,490 crore. On September 8, net direct tax collection was Rs5.29 lakh crore, which was 30.17% higher than net collections for the corresponding period of last year.

“There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 93% of the duly verified ITRs (income-tax returns) having been processed till 17.09.2022. This has resulted in faster issue of refunds with almost a 468% increase in the number of refunds issued in the current financial year,” it said.