There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 93 per cent of the duly verified ITRs having been processed till Saturday, said a statement.
New Delhi: The figures of Direct Tax collections for the financial year (FY) 2022-23, as on Saturday last showed that net collections are at Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding period of the preceding financial year 2021-22, representing an increase of 23 per cent. The Net Direct Tax collection of Rs 7,00,669 crore (net of refund) included Corporation Tax (CIT) at Rs 3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 3,30,490 crore.
The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stood at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of the preceding financial year 2021-22, registering a growth of 30 per over collections of FY 2021-22.
The Gross collection of Rs 8,36,225 crore includes Corporation Tax (CIT) at Rs 4,36,020 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 3,98,440 crore. Minor head wise collection comprises Advance Tax of Rs 2,95,308 crore; Tax Deducted at Source of Rs. 4,34,740 crdore; Self-Assessment Tax of Rs. 77,164 crore; Regular Assessment Tax of Rs. 20,080 crore; and Tax under other minor heads of Rs. 8,933 crore.
The cumulative Advance Tax collections for the first and second quarter of the FY 2022-23 stand at Rs 2,95,308 crore as on Saturday, against Advance Tax collections of Rs 2,52,077 crore for the corresponding period of the immediately preceding year 2021-22, showing a growth of 17 per cent. The Advance Tax collection of Rs 2,95,308 crore comprised Corporation Tax (CIT) at Rs 2,29,132 crore and Personal Income Tax (PIT) at Rs. 66,176 crore.
It was stated said that there has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 93 per cent of the duly verified ITRs having been processed till Saturday. This has resulted in faster issue of refunds with almost a 468 per cent increase in the number of refunds issued in the current financial year. Refunds amounting to Rs 1,35,556 crore have been issued in the financial year 2022-23 till Saturday, as against refunds of Rs 74,140 crore issued during the corresponding period in the preceding financial year 2021-22, showing a growth of over 83 per cent.
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, said the concerned department.
