Direct Tax
Direct tax collections revised to Rs 1 lakh crore
New Delhi/IBNS: India's direct tax collections have exceeded the Revised Estimates by over Rs 1 lakh crore.
Net direct tax collections till March 16 in the current fiscal year (FY22) stood at Rs13.63 lakh crore, a growth rate of over 48.4 percent, showed official data released on Thursday.
Advance tax collections for FY22, including the fourth installment in March, stood at Rs 6.63 lakh crore, a growth rate of about 41 percent, underscoring the sustained economic recovery even after the second Covid-19 wave.
With 14 more days to go, officials expect the numbers to go up further.
"This amount is expected to increase as further information is awaited from banks. Refunds amounting to Rs 1,87,325.9 crore have also been issued in FY22 so far," the finance ministry said in a statement.
"This has exceeded our expectations. This will offset against delay in divestment target and also provide cushion for additional spending," a senior finance ministry official said.
The Centre had direct tax collections of Rs 11.08 lakh crore for FY22, which was revised to Rs12.50 lakh crore in the Budget for FY23.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
