Direct Tax Collections Jump 23% To Rs 7 Lakh Crore During Current Fiscal So Far; Check Details
News 18In another indication of a post-pandemic economic recovery, India’s direct tax collections continue to grow at a robust pace in the current financial year so far. Direct tax collections jumped 23 per cent year-on-year to Rs 7 lakh crore during the financial year 2022-23 so far. It said, “The figures of direct tax collections for the FY 2022-23, as on September 17, 2022, show that net collections are at Rs 7,00,669 crore, compared with Rs 5,68,147 crore in the corresponding period of the preceding financial year i.e. FY 2021-22, representing an increase of 23 per cent.” The net direct tax collection of Rs 7,00,669 crore includes a corporation tax of Rs 3,68,484 crore and a personal income tax, including securities transaction tax, of Rs 3,30,490 crore, according to the statement. “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 September 17, 2022, against advance tax collections of Rs 2,52,077 crore for the corresponding period of the immediately preceding financial year i.e FY 2021-22, showing a growth of 17 per cent.