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Gross Direct Tax Collections for the Financial 2022-23 Register a Growth of 30%

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A remarkable increase in the speed of processing of income tax returns filed

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 figures of Direct Tax collections for the FY 2022-23, as on 17 September show 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 i.e. FY 2021-22, representing an increase of 23%.The Net Direct Tax collection of Rs. 7,00,669 crore(net of refund)includes 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 stands at Rs. 8,36,225 crore compared to Rs. 6,42,287 crore in the corresponding period of the preceding Financial Year i.e. FY 2021-22, registering a growth of 30% over collections of FY 2021-22.

There has been also 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 having been processed till 17 September. This has resulted in faster issue of refunds with almost a 468% 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 FY 2022-23 till 17.09.2022, 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%.