Direct Tax: Net direct tax collection up by 45 per cent till mid-June to over Rs 3.39 lakh crore

Pankaj Prasad
Direct Tax collections
Direct Tax collections

Net Direct Tax collection has increased by 45 percent to more than Rs 3.39 lakh crore.

Direct Tax Collection: In the current financial year till the middle of June, the net direct tax collection increased by 45 percent to more than Rs 3.39 lakh crore. It indicates the uptrend in the economy. This increase was mainly due to 47 percent increase in TDS (tax deducted at source) collection and a 33 percent growth in advance tax collection for the April-June quarter.

Corporate tax collection of Rs 1.70 lakh crore

The Income Tax Department said on Friday that the share of Corporate Tax (CIT) in the net direct tax collection of Rs 3.39 lakh crore during this period stood at Rs 1.70 lakh crore. Apart from this, more than Rs 1.67 lakh crore was collected as Personal Income Tax (PIT) including Securities Transaction Tax (STT).

45% increase in direct tax collection

The Central Board of Direct Taxes (CBDT) said, "The figures of direct tax collections for the financial year 2022-23 up to June 16, 2022, show that the net collections have increased to Rs 3,39,225 crore as against 2 percent in the corresponding period last year." ,33,651 crore was Rs. In this way, it has increased by 45 percent.

Tax collection up 171 percent

Tax collection was 171 percent higher than the corresponding period of the year 2020-21 and 103 percent higher than the same period of 2019-20. Gross collection increased by 40 percent to over Rs 3.69 lakh crore till June 16. This figure was more than Rs 2.64 lakh crore in the same period last year.

Advance tax collection Rs 1.01 lakh crore

The gross collection includes refunds of Rs 30,334 crore. Advance tax collection in the first quarter of the current financial year stood at Rs 1.01 lakh crore as against Rs 75,783 crore in the corresponding period of the previous financial year. In this way it increased by more than 33 percent.