Direct tax collections proceed to develop at a strong tempo.
New Delhi:
Web direct tax collections to this point this monetary yr are at Rs 700,669 crore, a rise of 23 per cent as in comparison with Rs 568,147 crore until the identical interval of the corresponding monetary yr, a Central Board of Direct Taxes assertion stated on Sunday.
The overall contains company tax of Rs 368,484 crore and private revenue tax (together with securities transaction tax) price Rs 330,490 crore.
Direct tax collections proceed to develop at a strong tempo, a transparent indicator of the revival of financial exercise post-pandemic, as additionally the results of the steady insurance policies specializing in simplification and streamlining of processes and plugging of tax leakage by way of efficient use of know-how.
The gross assortment of direct taxes (earlier than adjusting for refunds) to this point stands at Rs 836,225 crore, as in comparison with Rs 642,287 crore within the corresponding interval of the previous monetary yr, registering a development of 30 per cent.
The gross assortment contains company tax at Rs 436,020 crore and private revenue tax (PIT) together with securities transaction tax(STT) at Rs 398,440 crore.
“The cumulative advance tax collections for the primary and second quarter of the FY 2022-23 stand at Rs 295,308 crore as on 17.09.2022, towards advance tax collections of Rs 252,077 crore for the corresponding interval of the instantly previous Monetary 12 months i.e FY 2021-22, displaying a development of 17 per cent. The advance tax assortment of Rs 295,308 crore includes company tax (CIT) at Rs 229,132 crore and private revenue tax (PIT) at Rs 66,176 crore,” the CBDT assertion stated.
Notably, the pace of processing of revenue tax returns too rose this fiscal.
Virtually 93 per cent of the duly verified ITRs filed this yr have been processed until Saturday, it stated.
“This has resulted within the quicker concern of refunds with virtually a 468 per cent improve within the variety of refunds issued within the present monetary yr,” it added.
Subsequently, refunds amounting to Rs 135,556 crore have been issued to this point towards refunds of Rs 74,140 crore being issued throughout the corresponding interval within the previous monetary yr 2021-22, displaying a development of round 83 per cent.
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