Direct Tax Collection: Direct tax collections within the monetary 12 months 2022-23 have been greater than the federal government’s estimate. According to the information launched by the Ministry of Finance, Net Direct Tax collections in 2022-23 , It has been Rs 16.61 lakh crore, which was Rs 14.12 lakh crore within the final 12 months 2021-22. According to the Finance Ministry, the direct tax assortment in 2022-23 has been 17.63 % greater than the earlier 12 months.

According to the information launched by the Ministry of Finance concerning direct tax assortment, in keeping with the provisional information in 2022-23, the direct tax assortment has been Rs 16.61 lakh crore, which is Rs 2.41 lakh crore greater than the price range estimate with a soar of 16.97 per cent. The goal of Rs 14.20 lakh crore direct tax assortment was set within the price range estimates, which was elevated to Rs 16.50 lakh crore within the revised estimate. But the direct tax assortment figures have been 16.97 % greater than the price range estimate and 0.69 % greater than the revised estimate.

➡️Direct Tax collections(provisional) for FY2022-23 exceed the BE by ₹2.41 lakh crore ie by 16.97% & RE by 0.69%
➡️Gross DT collections(provisional) at ₹19.68 lakh crore register a development of 20.33%
➡️Net DT collections(provisional) at ₹16.61 lakh crore mark a development of 17.63% pic.twitter.com/wa9VIJsYH8

— Income Tax India (@IncomeTaxIndia) April 3, 2023

Adding the issued refunds, the gross direct tax assortment in 2022-23 has been Rs 19.68 lakh crore, which is 20.33 % greater than Rs 16.36 lakh crore in 2021-22. Corporate tax assortment has elevated by 16.91 % to Rs 10,04,118 crore in 2022-23, which was Rs 8.58,849 crore in 2021-22.

Personal Income Tax assortment after including STT i.e. Security Transaction Tax in 2022-23 has been Rs 9,60,764 crore, which is 24.23 % greater than in 2021-22. Personal earnings tax assortment in 2021-22 was Rs 7,73,389 crore. In 2022-23, the Income Tax Department has issued refunds of Rs 3,07,352 crore, which is Rs 37.42 crore extra as in comparison with Rs 2,23,658 crore in 2021-22.

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