Gross direct taxes increase by 30% in 2022-23, net direct taxes increase by 23%

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New Delhi, Sept 18 (IANS) Gross direct tax collections through 2022-23 as on Sept 17 stood at Rs 8.36 lakh crore, up 30 percent from collections in the corresponding period of last year.

Net direct tax collections were Rs 7.01 lakh crore for the current fiscal year to September 17, up 23 percent from the corresponding period last year.

The cumulative withholding tax collections amounted to Rs 2.95 lakh crore until September 17 in 2022-23, an increase of 17 percent from the corresponding period last year, according to data released by the Ministry of Finance.

Until September 17, refunds of Rs 1,35,556 crore were issued, an increase of 83 percent from last year.

Rapid processing of income tax returns (ITRs), with nearly 93 percent of duly verified ITRs processed through Saturday.

An accelerated issuance of refunds was initiated, increasing the number of refunds by nearly 468 percent in 2022-23, the statement said.

–IANS

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