SYNOPSIS: of the total gross Direct tax collection , corporate tax collection in FY 22-23 is at Rs.10,04,118 crore, rising by 16.91%. Refunds of Rs.3,07,352 crore have been issued in the FY 22-23, rising by 37.42 %.
The Ministry of Finance (MOF) has issued a press release regarding direct tax collection data. This data reports the strong growth in the tax collection for the financial year 23. Net direct tax collection stood at Rs. 16.61 lakh crore, marking a growth of 17.63%. This collection have exceeded budgeted estimates by a whopping Rs. 2.41 lakh crore.
Highlights of Direct Tax Collection
- Direct Tax collections (provisional) for the FY 2022-23 exceed Revised Estimates by 0.69%
- Gross Direct Tax collections (provisional) for the FY 2022-23 stand at Rs. 19.68 lakh crore registering a growth of 20.33%
- Net Direct Tax collections (provisional) for the FY 2022-23 stand at Rs. 16.61 lakh crore marking a growth of 17.63%
- Refunds aggregating to Rs. 3,07,352 crore issued in FY 2022-23
In the financial year 2022-2023 the gross corporate tax collection is at Rs. 10,04,118 crore and has shown a growth of 16.91% over the gross corporate tax collection of Rs.8,58,849 crore of the preceding year.
If we talk about tax collection of personal income tax, the finance ministry stated that “The gross Personal Income Tax collection (including STT) (provisional) in FY 2022-23 is at Rs.9,60,764 crore and has shown a growth of 24.23% over the gross Personal Income Tax collection (including STT) of Rs.7,73,389 crore of the preceding year.
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The Ministry also stated that tax collection if we compare from previous financial year “The Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs. 19.68 lakh crore showing a growth of 20.33 % over the gross collection of Rs.16.36 lakh crore in FY 2021-22.