The finance ministry on Sunday mentioned that the online direct tax collections grew 30% to Rs 8 lakh crore until September 17 of present fiscal yr on elevated advance tax mop-up.

“The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs. 8,36,225 crore compared to Rs. 6,42,287 crore in the corresponding period of the preceding Financial Year ie FY 2021-22, registering a growth of 30% over collections of FY 2021-22″, The Finance Ministry acknowledged in a press launch.

“Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post-pandemic, as also the result of the stable policies of the government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology” the Central Board of Direct Taxes mentioned in an announcement.

The web direct tax collections to this point this monetary yr are at Rs 700,669 crore, a rise of 23% as in comparison with Rs 568,147 crore until the identical interval of the corresponding monetary yr. The complete consists of company tax of Rs 368,484 crore and personal income tax (together with securities transaction tax) price Rs 330,490 crore.

The Finance Ministry highlighted that the cumulative Advance Tax collections for the primary and second quarter of the FY 2022-23 stand at Rs. 2,95,308 crore as on 17.09.2022, towards Advance Tax collections of Rs. 2,52,077 crore for the corresponding interval of the instantly previous Financial Year ie FY 2021-22, exhibiting a development of 17%.

The Advance Tax assortment of Rs. 2,95,308 crore contains Corporation Tax (CIT) at Rs. 2,29,132 crore and Personal Income Tax (PIT) at Rs. 66,176 crore.

“There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 93% of the duly verified ITRs having been processed till 17.09.2022. This has resulted in faster issue of refunds with almost a 468% increase in the number of refunds issued in the current financial year,” the Ministry mentioned in a launch.

“Refunds amounting to Rs. 1,35,556 crore have been issued in the FY 2022-23 till 17.09.2022, as against refunds of Rs. 74,140 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 83%,” it added.