Gross direct tax collections rise 30% in 2022-23, net direct tax collections up 23%

Gross direct tax collections rise 30% in 2022-23, net direct tax collections up 23%

Gross direct tax collections till 2022-23 as on September 17 stood at Rs 8.36 lakh crore, witnessing a growth of 30 per cent over collections of corresponding period of last year.

Net direct tax collections stood at Rs 7.01 lakh crore for the current fiscal till September 17, showing a 23 per cent rise over the corresponding period of last year.

Cumulative advance tax collections were at Rs 2.95 lakh crore till September 17 in 2022-23, a growth of 17 per cent over the corresponding period of last year, according to the data released by the Finance Ministry.

Refunds amounting to Rs 1,35,556 crore were issued up to September 17, up by 83 per cent over last year.

Fast processing of income tax returns (ITRs), with almost 93 per cent of duly verified ITRs were processed till Saturday.

Faster issue of refunds were initiated, which saw an almost 468 per cent increase in the number of refunds issued in 2022-23, the statement said.