Higher advance payout raises direct tax mop-up by 30% to Rs 8.36 lakh crore

Gross direct tax collections stood at Rs 8.36 lakh crore until September 17, a rise of 30 per cent year-on-year, supported by increased advance tax mop-up, information launched Sunday confirmed.

The Finance Ministry stated the rise in tax collections might be seen as a sign of revival of financial exercise publish pandemic.

After adjusting for refunds amounting to Rs 1.35 lakh crore, web direct tax kitty grew 23 per cent to Rs 7 lakh crore.

Gross assortment of direct taxes for 2022-23 stands at Rs 8,36,225 crore in comparison with Rs 6,42,287 crore within the year-ago interval, registering a development of 30 per cent, the ministry stated in a press release.

This contains income from Corporate Income Tax of Rs 4.36 lakh crore and Personal Income Tax (PIT) of Rs 3.98 lakh crore.

“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,” the ministry stated.

For April-September, advance tax assortment grew 17 per cent to Rs 2.95 lakh crore. This contains advance tax payout by company taxpayers of Rs 2.29 lakh crore.

After adjusting for refunds, web direct tax collections rose 23 per cent to Rs 7,00,669 crore, in comparison with Rs 5,68,147 crore within the corresponding interval of fiscal 2021-22.

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Refunds amounting to Rs 1,35,556 crore have been issued in 2022-23 until September 17, a 83 per cent development over the year-ago interval.

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