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Tax collection: Effect of boom in economic activity, 45% jump in tax collection in 2022-23 – News

Tax Collection Jumps In 2022-23: Due to the boom in economic activities, there is a tremendous jump of 45 percent in Direct Tax Collection in the financial year 2022-23. Direct tax collection till June 16, 2022 has been Rs 3,39,225 crore while in 2021-22 the tax collection during this period was Rs 2,33,25 crore. At the same time, direct tax collection was Rs 1,25,065 crore in 2020-21 and Rs 1,67,432 crore in 2019-20. So far, refund of Rs 30,334 crore has been issued in 2022-23.

Direct Tax Collection has been Rs 3,39,225 crore in which Corporate Tax is Rs 1,70,583 crore and Personal Income Tax and Security Transaction Tax together is Rs 1,67,960 crore. . Before adjusting the refund, the direct tax collection in 2022-23 so far stood at Rs 3,69,559 crore as compared to Rs 2,64,382 crore last year, which is 40 per cent higher.

Advance tax collection for the first quarter of 2022-23 has been Rs 1,01,017 crore as against Rs 75,783 crore in 2021-22. That is, there has been an increase of 33 percent in Advance Tax Collection. TDS collection till June 16 in 2022-23 stood at Rs 2,29,676 crore, which is 46 percent more than the previous year. Last year TDS collection was Rs 1,57,434 crore in this period. There has been a jump of 41 per cent in self-assessment tax and it has increased from Rs 15,483 crore to Rs 21,849 crore.

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