Wednesday, October 4th, 2023

24% jump in direct tax collection as economy improves, 2.15 lakh crore refunds issued

Direct Tax Collection: There is a boom in economic activity in the country, it has had a positive impact on tax collection. Direct tax collection has reached Rs 8.77 lakh crore with a jump of 24 per cent, which is 62 per cent of the budget estimate. Between April and November of the financial year 2022-23, the tax collection has increased at a speed of 24 per cent as compared to the same period of the last financial year.

In 2022-23, the government has estimated a direct tax collection of Rs 14.20 lakh crore, which is more than last year’s collection of Rs 14.10 lakh crore. Direct tax collection is made by combining corporate tax and personal income tax. According to the Finance Ministry, a refund of Rs 2.15 lakh crore has been given between April 1 and November 30.

According to the Finance Ministry, till November 30, 2022, 6.97 crore taxpayers have filed income tax returns for the assessment year 2022-23. Also, the ministry said that due to pre-field data, filing income tax returns has become easier. The ministry said that in 2022-23, 2.42 crore ITRs were also filed in a single day, which is a record. Also, the ministry told that ITR processing is now happening in a very short time. The ministry said that the time which used to be 26 days in 2021-22 has come down to 16 days.

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