At Rs 3.39 trillion, direct tax collection sees a 45% surge: CBDT
- IBEF
- June 20, 2022
The Central Board of Direct Taxes (CBDT) said that net direct tax revenues for the current fiscal year increased by 45% to Rs. 3.39 trillion (US$ 43.51 billion) between April 1 and June 16, compared to Rs. 2.33 trillion (US$ 29.90 billion) in the same period last year.
Advance tax revenues for the first quarter of this fiscal were more than Rs. 1.01 trillion (US$ 12.96 billion), compared to Rs. 75,783 crore (US$ 9.72 billion) in the same period previous year. This is a 33% increase. Corporates contributed Rs. 78,842 crore (US$ 10.12 billion), while individuals contributed Rs 22,175 crore (US$ 2.84 billion).
This comprises Rs. 1.9 trillion (US$ 24.38 billion) in business tax and Rs. 1.78 trillion (US$ 22.84 billion) in personal income tax, including security transaction tax. In the budget estimates for FY23, tax revenue (direct and indirect) was estimated to be Rs. 27.58 trillion (US$ 354.06 billion) This marks a 9.6% increase above the Rs. 25.16 trillion (US$ 322.99 billion) predicted in the previous year's updated projections.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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