New Delhi. There is good news for Modi government. Actually, there has been a sharp increase in tax collection in the current financial year. Gross direct tax collection increased by 30 per cent to Rs 8.36 lakh crore in the current financial year till September 17 due to increase in advance tax collection. The Finance Ministry gave this information on Sunday.
The ministry said in a statement, “The gross collection of direct taxes for the financial year 2022-23 so far (before adjusting for refund) is Rs 8,36,225 crore, which is Rs 6,42,287 crore for the corresponding period of the previous financial year. 30 per cent more than Rs.
️Gross Direct Tax collections for FY 22-23 as on 17.09.22 at Rs. 8.36 lakh crore grow at 30% over collections of corresponding period in preceding yr
️Net DT collections at Rs. 7.01 lakh crore grow at 23%
️Cumulative Advance Tax collections at Rs. 2.95 lakh crore grow at 17% pic.twitter.com/iYRr33Mhd9
— Income Tax India (@IncomeTaxIndia) September 18, 2022
Advance tax collection increased by up to 17%
The cumulative advance tax collection for April-September stood at Rs 2,95,308 crore as on September 17, up 17 per cent over the same period a year ago.
Also read- What should the taxpayer do after receiving the notice of outstanding tax for the previous year, where will he have to reply first?
₹4.36 lakh crore came from Corporate Income Tax and ₹3.98 lakh crore from PIT
The statement said that of the gross collection of Rs 8.36 lakh crore, Rs 4.36 lakh crore came from corporate income tax and Rs 3.98 lakh crore from personal income tax (PIT). PIT includes securities transaction tax. After adjusting for refunds, net collection increased by 23 per cent to Rs 7,00,669 crore.
Tags: direct tax, income tax, income tax department, Tax
FIRST PUBLISHED : September 18, 2022, 17:10 IST