At Rs 3.39 trillion, direct tax collection sees a 45% surge: CBDT

Net direct tax collections for the current fiscal year surged 45 per cent to Rs 3.39 trillion between April 1 and June 16, compared to Rs 2.33 trillion in the same period a year ago, the Central Board of Direct Taxes (CBDT) said on Friday.

Advance tax collections for the first quarter of this fiscal stood at over Rs 1.01 trillion against Rs 75,783 crore in the corresponding period last fiscal. This is a rise of 33 per cent.

Of this, corporates paid Rs 78,842 crore and collections from individuals stood at Rs 22,175 crore. This amount is expected to increase as further information is received from banks, the direct tax body said.

Gross collection of direct taxes (before adjusting for refunds) for the fiscal stood at Rs 3.69 trillion compared to Rs 2.64 trillion in the corresponding period of the preceding year. This is a surge of 40 per cent.

This includes corporation tax at Rs 1.9 trillion and personal income tax, including security transaction tax at Rs 1.78 trillion.

Head-wise collection also comprises tax deducted at source, which stood at Rs 2.29 trillion.

This compares to Rs 1.57 trillion for the corresponding period of the previous fiscal, showing a growth of nearly 46 per cent.

Other components such as self assessment tax stood at Rs 21,849 crore.

Regular assessment tax was at Rs 10,773 crore and tax on distributed profits was Rs 5,529 crore. The tax under other minor heads stood at Rs 715 crore.

Refunds amounting to Rs 30,334 crore have been issued so far in the first quarter.

Tax collection (direct and indirect) had been projected at Rs 27.58 trillion in the budget estimates for FY23. That represents 9.6 per cent growth over the Rs 25.16 trillion estimated in the revised estimates for the previous year.

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