Direct tax kitty grows 30% to Rs 8.36 lakh crore on higher advance tax mop-up

Gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on increased advance tax mop-up, the finance ministry said on Sunday.

“The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of preceding financial year i.e., 2021-22, registering a growth of 30 per cent over collections of 2021-22,” the ministry said in a statement.

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The cumulative advance tax collections for April-September stand at Rs 2,95,308 crore as on September 17, up 17 per cent over the year-ago period.

Gross collection of Rs 8.36 lakh crore includes Corporate Income Tax at Rs 4.36 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 3.98 lakh crore.

After adjusting for refunds, net collections rose 23 per cent to Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding period of 2021-22.