The Centre’s advance direct tax collections grew by about 22% on year to Rs 1.81 trillion in the second quarter of the current financial year, CNBC TV18 reported.
A senior revenue department official, however, told FE that the data was ‘premature’ as it was still being tallied. The due date for advance tax for September quarter was 15th of the month.
The government’s advance direct tax collections from companies, LLPs and individuals in the first quarter (June quarter) was up 33% on year at about Rs 1.01 trillion.
Also Read: Indirect tax collections up 14% till Aug-end
The Centre’s direct tax collections (post-refunds) grew by a robust 30% on year till September 8 of the current financial year even as refunds rose sharply by 65% during the period.
Both personal income tax (PIT) and corporate income tax (CIT) performed much better than anticipated, thanks to higher compliance and a favourable base effect.
The Centre’s direct tax collections are expected to exceed the FY23 Budget target of Rs 14.2 trillion by a substantial amount, as the target for the year is at par with actual receipts of last fiscal.
After adjustment of refunds, the growth in CIT collections was 32.73% and that in PIT collections (including STT) is 28.32% till September 8 of FY23. Refunds amounting to Rs 1.19 trillion have been issued from April 1, 2022, to September 8, 2022, which are 65.29% higher than refunds issued during the same period in the preceding year.
Gross direct tax collections (before refunds) grew by 35.5% on year to Rs 6.48 trillion up to September 8 of the current financial year.