New Delhi: The Ministry of Finance said on Sunday that gross direct tax (GDT) collections for the central government increased by 30 percent to Rs. 8,36,225 crore in the fiscal year 2022–23. The net collection  has increased by 23 percent to Rs 7,00,669 crore from Rs 5,68,147 crore in FY 2021–22. These numbers are valid till September 17, 2022.

The government cited the data to say that the increase in collections was a definite sign that the economy had recovered from the pandemic.

Corporation Tax (CIT) at Rs 3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 3,30,490 crore are included in the net direct tax collection of Rs 7,00,669 crore (net of rebate). The gross collection for the FY 2022–23 is Rs 8,36,225 crore (before adjusting for refunds), up from Rs 6,42,287 crore the year before. The total revenue includes PIT with STT at Rs. 3,98,440 crore and CIT at Rs. 4,36,020 crore.

According to the ministry, the amount of tax collected on a per-minor head basis is as follows: advance tax of Rs 2,95,308 crore; tax deducted at source of Rs 4,34,740 crore; self-assessment tax of Rs 77,164 crore; regular assessment tax of Rs 20,080 crore; and tax under other minor heads of Rs 8,933 crore.

As of 17 September, the total advance tax revenues for the first and second quarters of the fiscal year 2022–23 were Rs 2,95,308 crore, up 17 percent from the advance tax collections of Rs 2,52,077 crore for the same period of the fiscal year 2021-22.  According to the ministry, processing of income tax returns submitted during the current fiscal year has accelerated, with about 93 percent of the fully validated ITRs processed as of 17 September.

The number of refunds issued in the current fiscal year has increased by about 468 percent as a result of the quicker issue of refunds. The announcement read, "Refunds amounting to Rs. 1,35,556 crore have been issued in the FY 2022-23 till 17.09.2022, as against refunds of Rs. 74,140 crore issued during the corresponding period in the preceding Financial Year 2021-22, indicating an increase of over 83 percent.

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