New Delhi, Sep 9 : Gross direct tax collections were 6.48 lakh crore as of 6.48 lakh crore until September 8 which is 35.46 percent higher than the total collections for the same time period of the previous year.In the previous year the direct tax collections sat at 5.29 lakh crore which was 30.17 percent more than the net tax collections for the same period of the previous year.
The current collection is 37.24 percent of the budget total estimations for 2022-23, according to an official statement issued by the Finance Ministry said.
Refunds of up to 1.19 lakh crore have been issued.1.19 lakh crore have been made between April 1, 2022 to September 8th, 2022.This is 65.29 percent more than the refunds given in the same time frame of the previous year.
“As the economy is regaining its strength from the Covid recession, the efforts to encourage tax payers to more observance by means of technology as well as data reporting have been paying dividends and tax collections are to be on their upward trend.
It is expected that a clearer view will become available at end of the calendar year when filings are coming in for the corporate tax return,” said Rohinton Sidhwa Partner, Deloitte India.
“The rise in direct tax collection is encouraging and a sign of the strong economic growth.
The rate of growth of corporate income tax shows the growth in the profits of India Inc,” said Amit Singhania partner, Shardul Amarchand Mangaldas & Co.
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