Direct tax collection has so far reached Rs 13.73 lakh crore with an increase of 17 per cent, which is 83 per cent of the revised target for FY2023. The Central Board of Direct Taxes (CBDT) gave this information on Saturday.
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Direct tax collection has so far reached Rs 13.73 lakh crore with an increase of 17 per cent, which is 83 per cent of the revised target for FY2023. The Central Board of Direct Taxes (CBDT) gave this information on Saturday. On a gross basis, this collection has increased by 22.58 percent to Rs 16.68 lakh crore. Refunds worth Rs 2.95 lakh crore have been issued from April 1, 2022 to March 10, 2023, which is 59.44 per cent more than the refunds issued during the same period last year.
Income tax played a big role
The net direct tax collection is Rs 13.73 lakh crore, which is 16.78 per cent higher than the net collection for the same period last year. So far in this financial year, the total direct tax collection has increased by 17 percent to reach Rs 13.73 lakh crore, which is 83 percent for the entire financial year. The Central Board of Direct Taxes (CBDT) has given this information on Saturday.
Growth in direct tax collection includes personal income tax and corporate tax. PIT collection has also played an important role in this. On a gross basis, the collection has increased by 22.58 percent to Rs 16.68 lakh crore. From April 1, 2022 to March 10, 2023, a total refund of Rs 2.95 lakh crore has been issued, which is 59.44 percent more than the same period last year.
Direct tax is available in two ways
Direct tax is collected in the country in two ways. One in the form of corporate tax, the other in the form of individual’s income tax. At the same time, in the five years between the financial year 2017-18 to 2022-23, the collection of cess and surcharge imposed by the central government on various products has increased by 133 percent. According to the data of the Ministry of Finance, the collection which was Rs 2,18,553 crore in 2017-18 has increased to Rs 5,10,549 crore in the financial year 2022-23. Cess and surcharge are levied by the Central Government for the purposes of the Union under Article 271 of the Constitution of India.
Some of the different types of Cess levied in India include Infra Cess on Motor Vehicles, Agri Welfare Cess on Service Value, Swachh Bharat Cess, Education Cess and Cess on Crude Oil. There is also tax on cess tax.