India's Gross Direct Tax Collection Grows 25.9 Per Cent To Over Rs 13.63 Lakh Crore For FY23

India's gross direct tax collections, as on 17 December, for the Financial Year (FY) 2022-23 stood at over Rs 13.63 lakh crore, registering a growth of 25.90 per cent compared to same period last fiscal, according to the Finance Ministry.

"The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs 13,63,649 crore compared to Rs 10,83,150 crore in the corresponding period of the preceding financial year, registering a growth of 25.90 per cent over collections of FY2021-22," the Finance Ministry said in a statement on Sunday (18 December).

The ministry added that the gross collection of Rs 13,63,649 crore includes Corporation Tax (CIT) at Rs 7,25,036 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 6,35,920 crore.

"Minor head wise collection comprises Advance Tax of Rs 5,21,302 crore; Tax Deducted at Source of Rs 6,44,761 crore; Self-Assessment Tax of Rs 1,40,105 crore; Regular Assessment Tax of Rs 46,244 crore; and Tax under other minor heads of Rs 11,237 crore," the ministry said.

Further, the net direct tax collections for FY23 stood at Rs 11,35,754 crore, compared to Rs 9,47,959 crore in the corresponding period of the preceding financial Year, representing an increase of 19.81 per cent.

"The Net Direct Tax collection of Rs 11,35,754 crore (as on 17.12.2022) includes Corporation Tax (CIT) at Rs 6,06,679 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 5,26,477 crore (net of refund)," the ministry said.

The cumulative Advance Tax collections for the first, second and third quarter of the FY2022-23 stand at Rs 5,21,302 crore as on 17 December, against Advance Tax collections of Rs 4,62,038 crore for the corresponding period of FY22, showing a growth of 12.83 per cent.

The Advance Tax collection of Rs 5,21,302 crore includes Corporation Tax (CIT) at Rs 3,97,364 crore and Personal Income Tax (PIT) at Rs 1,23,936 crore, according to the ministry.