India's net direct tax collection increased by 45 percent year on year to Rs 3,39,225 crore in the current fiscal year through June 16, compared to Rs 2,33,651 crore in the previous fiscal year's similar period, as per data released on Friday.
According to data released by the Central Board of Direct Taxes, the current financial year's net direct tax collections of Rs 3,39,225 crore include corporation tax of Rs 1,70,583 crore (net of refund) and personal income tax, including Security Transaction Tax (STT), of Rs 1,67,960 crore (net of refund).
The gross collection of direct taxes (before refunds) for the financial year 2022-23 has reached Rs 3,69,559 crore as of June 16, compared to Rs 2,64,382 crore in the same period the previous year, marking an almost 40% rise year-on-year. This includes company tax of Rs 1,90,651 crore and personal income tax of Rs 1,78,215 crore, which includes the Security Transaction Tax (STT).
Advance tax of Rs 1,01,017 crore, TDS of Rs 2,29,676 crore, Self-Assessment Tax of Rs 21,849 crore, Regular Assessment Tax of Rs 10,773 crore, Tax on Distributed Profits of Rs 5,529 crore, and Tax under other minor categories of Rs 715 crore make up the minor head collection. Advance tax revenues during the first quarter of 2022-23 totalled Rs 1,01,017 crore, up from Rs 75,783 crore in the same period the previous year, indicating a jump of more than 33%.
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