Net Direct Tax collections jump by 45% to Rs 3.39 lakh crore

New Delhi, June 18 (KNN) The net direct tax collection as of June 16 has increased by 45 per cent toRs.3,39,225 crore compared to Rs 2,33,651 crore over the corresponding period of the preceding year. 

The net collection has registered a growth of 171 per cent over the corresponding period of F.Y. 2020-21 when the net collection was Rs 1,25,065 crore, and a growth of 103 per cent over the corresponding period of F.Y. 2019-20 when the net collection was Rs 1,67,432 crore.

The Net Direct Tax collection  include Corporation Tax (CIT) at Rs1,70,583 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 1,67,960 crore (net of refund).

The Gross collection of Direct Taxes (before adjusting for refunds) for the FY23 stands at Rs3,69,559 crore compared to Rs 2,64,382 crore in the corresponding period of the preceding year, representing an increase of almost 40 per cent over the collections of the preceding year. 

This includes CIT at Rs 1,90,651 crore and PIT including STT at Rs 1,78,215 crore. 

The TDS collections stand at Rs 2,29,676 crore against Rs 1,57,434 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of nearly 46 per cent.

Refunds amounting to Rs 30,334 crore have also been issued in the FY23 so far.  (KNN Bureau)