Tax Collection: Tax collection increased by 30 percent to Rs 8.36 lakh crore in the current financial year by 30 percent

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Photo:FILE Tax Collection

Highlights

  • The Finance Ministry gave this information on Sunday.
  • The tax collection for the corresponding period of the previous financial year was Rs 6,42,287 crore.
  • Net collection after refund rises 23 per cent to Rs 7,00,669 crore

Tax Collection: Gross direct tax collection till September 17 in the current financial year due to increase in advance tax collection 30 The percentage increased to Rs 8.36 lakh crore. The Finance Ministry gave this information on Sunday. “The gross collection of direct taxes for the financial year 2022-23 so far (before adjustment for refunds) is Rs 8,36,225 crore as against 6,42,287 crore for the corresponding period of the previous financial year,” the ministry said in a statement. 30 percent more than Rs.

17 percent more than last year

The cumulative advance tax collection for April-September stood at Rs 2,95,308 crore as on September 17, up 17 per cent over the same period a year ago. Of the gross collection of Rs 8.36 lakh crore, Rs 4.36 lakh crore came from corporate income tax and Rs 3.98 lakh crore from personal income tax (PIT), the statement said. PIT includes securities transaction tax. Net collections after adjusting for refunds increased by 23 per cent to Rs 7,00,669 crore.

Corporate tax collection also increased by 34%

The Income Tax Department has said that the ‘corporate tax’ levied on the income of companies has increased by 34 per cent in the first four months of the current financial year. The Income Tax Department gave information about the increase in corporate tax collection during April-July through a tweet. The department, while not disclosing the exact amount of tax collection, said, “The corporate tax collection in the financial year 2022-23 up to July 31, 2022 is 34 per cent higher than the previous financial year.” The total corporate tax collection during the year 2021-22 stood at Rs 7.23 lakh crore, which is 58 per cent higher than the tax collection for the year 2020-21. The department said, “The positive trend of growth in tax collection is continuing in the current financial year also. This shows that the steps taken to simplify the tax regime and cut tax rates without any exemptions have been effective. Tried to respond to criticisms. Critics had said that lowering tax rates for companies would hurt the exchequer and affect government spending on social welfare schemes. In September 2019, the government had given companies the option to switch from the 30 per cent tax rate to the 22 per cent tax rate, but for this the condition was not to get any exemption.

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