CBDT : “Sign of Economic Revival” Net direct tax collection

CBDT said that the direct tax collections resume increasing at a strong rate, a clear sign of the rebirth of economic activity after the pandemic.

The CBDT expressed that the direct tax collections resume increasing at a strong rate: 

• The Central Board of Direct Taxes statement (CBDT) stated the net direct tax collections are at Rs.700,669 crores this financial year, which shows a growth of 23% is seen as compared to Rs.568,147 crores in the same corresponding financial year. The gross tax collected includes corporation tax of Rs.368,484 crore and personal income tax (including securities transaction tax) worth Rs.330,490 crores.
• The Central Board of Direct Taxes report said that the direct tax collections are growing at a strong rate, which somehow can be considered as a clear indicator of the rebirth of economic growth activity post-pandemic. 
• The net collection of direct taxes without adjusting for refunds so far is collected Rs.836,225 crores, as compared to Rs.642,287 crores in the corresponding initial financial year, which adds the growth of 30%, it said while adding that the gross collection includes corporation tax at Rs.436,020 crore and personal income tax (PIT) including securities transaction tax(STT) at Rs.398,440 crores.
• According to the statement of CBDT, “the incremental advance tax collections stand at Rs.295,308 crores as of 17.09.2022 for the first and second quarter of the Financial Year 2022-23, as compared to the advance tax collections of Rs.252,077 crores for the corresponding immediately preceding Financial Year. Although the financial year 2021-22, shows a growth of 17 percent. 
• The advance tax collection of Rs.295,308 crores includes corporation tax (Known as CIT) of Rs.229,132 crore and the personal income tax (Known as PIT) of Rs.66,176 crores.
• "It is really a noting fact that the speed of processing of income tax returns too grew this fiscal while almost 93% of the duly verified ITRs filed this year have been processed till Saturday, it said. There has been an increase in the speed of processing of income tax returns filed during the current fiscal, with almost 93 percent of the duly verified ITRs having been processed till 17 September, the ministry said. 
• This resulted in the quicker subject of refunds with almost a 468% growth in the number of refunds provided in the current F.Y. "The issued refunds were amounting to Rs. 1,35,556 crores in the financial year 2022-23 till 17.09.2022, as against refunds of Rs. 74,140 crores allocated during the corresponding preceding Financial Year 2021-22, showing a growth of over 83%.

Also, Read: CBDT Notifies ITR Forms For AY 2023-24) In Advance

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