India's gross direct tax collections up by 26% to Rs 13.63 lakh cr for FY23

India's gross direct tax collections have grown by about 26 per cent to over Rs 13.63 lakh crore in the current fiscal so far. The gross collection of direct taxes (before adjusting for refunds) for FY23 stood at Rs 13.63 lakh crore compared to Rs 10.83 lakh crore in the corresponding period of the preceding financial year, the Central Board of Direct Taxes (CBDT) said in a statement on Sunday.

After adjusting for refunds, the net direct tax collection stands at Rs 11.35 lakh crore, compared to Rs 9.47 lakh crore in the corresponding period of the previous financial year.

Furthermore, refunds worth about Rs 2.28 lakh crore have been issued till December 17, 2022. This reflects a growth of 68 per cent over the corresponding period in the preceding financial year at Rs 1.35 lakh crore.

The gross collection of Rs 13.63 lakh crore includes Corporation Tax (CIT) at Rs 7.25 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 6.35 lakh crore,  the CBDT said.

Head-wise collection comprises advance tax of Rs 5.21 lakh crore, tax deducted at source of Rs 6.45 lakh crore, self-assessment tax of Rs 1.40 lakh crore, regular assessment tax of Rs 46,244 crore and tax under other minor heads of Rs 11,237 crore.

The cumulative advance tax collections for the first, second, and third quarters of the current fiscal stands at Rs 5.21 lakh crore as on December 17, against 4.62 lakh crore for the corresponding period, indicating a growth of 12.83 per cent.

The CBDT also said that there has been a remarkable increase in the speed of processing income tax returns filed during the current fiscal, with almost 96.5 per cent of the duly verified ITRs having been processed till December 17.

"This has resulted in the faster issue of refunds with almost a 109 per cent increase in the number of refunds issued in the current financial year," it said.

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