Reflecting an uptick in economy, net direct tax collections between April and mid-June jumped 45 per cent to over Rs 3.39 lakh crore, the Income Tax department said on Friday.
The improved collections are mainly due to a 47 per cent growth in TDS mop-up and a 33 per cent rise in advance tax realisation for April-June quarter.
The net direct tax collection of over Rs 3.39 lakh crore included Corporation Tax (CIT) of over Rs 1.70 lakh crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), of more than Rs 1.67 lakh crore.
“The figures of direct tax collections for the financial year 2022-23, as on June 16, 2022, show that net collections are at Rs 3,39,225 crore compared to Rs 2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 per cent over the collections of the preceding year,” the Central Board of Direct Taxes (CBDT) said.
The collection has registered a growth of 171 per cent as compared to the corresponding period of 2020-21 when it stood at Rs 1.25 lakh crore, and 103 per cent over Rs 1.67 lakh crore collected during the same period of 2019-20.
The gross collections grew 40 per cent to over Rs 3.69 lakh crore till June 16. The collection in the same period last year was over Rs 2.64 lakh crore.
Gross collection included refunds of Rs 30,334 crore.
The advance tax collections for the first quarter this fiscal stood at over Rs 1.01 lakh crore against Rs 75,783 crore in the corresponding period last fiscal, witnessing a growth of more than 33 per cent.
This comprises CIT at Rs 78,842 crore and PIT at Rs 22,175 crore.
The TDS collections at over Rs 2.29 lakh crore was 46 per cent higher than Rs 1,57,434 crore realised during the corresponding period of the preceding financial year.
Self-assessment tax collection was recorded at Rs 21,849 crore, 41 per cent up from Rs 15,483 crore collected in the year-ago period.
In the last fiscal ended March 31, 2022, India’s direct tax collection rose by a record 49 per cent to Rs 14.10 lakh crore.
The government has estimated to collect Rs 14.20 lakh crore from direct taxes this fiscal. This includes Rs 7.20 lakh crore from corporate taxes and Rs 7 lakh crore from individual taxpayers.