Advance tax payments up 17%
- IBEF
- September 20, 2022
In the wake of a higher-than-expected subsidy bill, both direct taxes and indirect taxes, particularly GST, have climbed faster so far this year, giving policymakers consolation. Due to unprecedented proceeds from the sale of spectrum, a portion of which was used to fund a new bailout of Rs. 1.6 lakh crore (US$ 20 billion) for BSNL, the non-tax revenue has also seen an uptick. After refunds, it was estimated that net collection increased by 23% to Rs. 7 lakh crore (US$ 87.87 billion).
The tax department reported that advance tax payments were 17% higher at Rs. 2.95 lakh crore (US$ 37.03 billion). According to the government, the processing of ITRs submitted in the current fiscal year has accelerated noticeably, with about 93% of the confirmed ITRs completed as of September 17 alone. With over a 468% increase in refunds given in the current fiscal year, this has led to speedier refund issuance.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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