India's direct tax collection register growth of 25.90%

The Gross collection of Direct Taxes has registered a growth of 25 .90 percent which stood at Rs 13,63,649 crore in the financial year 2022-23. The Gross collection in the corresponding period stood at Rs10,83,150 crore. According to the Finance Ministry data, the Net Direct tax collection for FY 2022-23 stood at Rs11,35,754 crore, registering a growth of 19.81 percent. The Net Direct tax collection for the corresponding period was recorded at Rs 9,47,959 crore.
Meanwhile, Advance Tax collections for FY 2022-23 recorded at Rs 5,21,302 crore rupees, which showed a growth of 12.83 per cent. The Ministry said there has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, which is almost 96.5 percent. It said this has resulted in the fast issuing of refunds with almost a 109 percent increase, amounting to Rs 2,27,896 crore for FY 2022-23.