FY23 direct tax mop-up rises 45% so far

Reflecting an uptick in economy, net direct tax collections between April and mid-June

jumped 45 per cent to over Rs 3.39 lakh crore, the Income Tax department said. The improved collections are mainly due to a 47% growth in TDS mop-up and a 33 per cent rise in advance tax realisation for April-June quarter.

The net direct tax collection of over Rs. 3.39 lakh crore included Corporation Tax (CIT) of over Rs 1.70 lakh crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), of more than Rs 1.67 lakh crore.

“The figures of direct tax collections for the financial year 2022-23, as on June 16, 2022, show that net collections are at Rs.3,39,225 crore compared to Rs.2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 per cent over the collections of the preceding year,” the Central Board of Direct Taxes (CBDT) said.