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News INCOME TAX

  • Sep 10, 2022
  • Gross direct tax collections up 35.46% y/y to touch Rs 6.48 lakh crore till September 8

    Gross direct tax collections in the ongoing fiscal year till September 8 totaled `6.48 lakh crore, up 35.46% compared with the tax collected in the same period of the last fiscal year. Net of refunds, direct tax collections since April 1 increased 30.17% to Rs 5.29 lakh crore, data showed.

    The net collection is 37.24% of the direct tax collection estimated in the budget for this fiscal year, the Central Board of Direct Taxes said in a statement.

    "After adjustment of refunds, the net growth in corporate income tax collections is 32.73% and that in personal income tax collections (including securities transaction tax) is 28.32%," the statement said.

    The Income Tax Department has issued refunds amounting to Ra 1.19 lakh crore, 65.29% higher than in the yearago period. The Centre expects its net direct tax collection to exceed the Rs 14.20 lakh crore target set in the budget for this fiscal. “As the economy continues to recover from the Covid downturn, the efforts at nudging taxpayers to better compliance through a combination of technology intervention and data reporting are paying off, and tax collections continue on their upward trajectory,” said Rohinton Sidhwa, partner, of Deloitte India.