Net direct tax collections for the present fiscal yr surged 45 per cent to Rs 3.39 trillion between April 1 and June 16, in comparison with Rs 2.33 trillion in the identical interval a yr in the past, the Central Board of Direct Taxes (CBDT) mentioned on Friday.
Advance tax collections for the primary quarter of this fiscal stood at over Rs 1.01 trillion in opposition to Rs 75,783 crore within the corresponding interval final fiscal. This is a rise of 33 per cent.
Of this, corporates paid Rs 78,842 crore and collections from people stood at Rs 22,175 crore. This quantity is predicted to extend as additional info is acquired from banks, the direct tax physique mentioned.
Gross collection of direct taxes (earlier than adjusting for refunds) for the fiscal stood at Rs 3.69 trillion in comparison with Rs 2.64 trillion within the corresponding interval of the previous yr. This is a surge of 40 per cent.
This consists of company tax at Rs 1.9 trillion and private earnings tax, together with safety transaction tax at Rs 1.78 trillion.
Head-wise collection additionally contains tax deducted at supply, which stood at Rs 2.29 trillion. This compares to Rs 1.57 trillion for the corresponding interval of the earlier fiscal, displaying a development of practically 46 per cent. Other elements comparable to self evaluation tax stood at Rs 21,849 crore.
Regular evaluation tax was at Rs 10,773 crore and tax on distributed income was Rs 5,529 crore. The tax beneath different minor heads stood at Rs 715 crore. Refunds amounting to Rs 30,334 crore have been issued to date within the first quarter.
Tax collection (direct and oblique) had been projected at Rs 27.58 trillion within the funds estimates for FY23. That represents 9.6 per cent development over the Rs 25.16 trillion estimated within the revised estimates for the earlier yr.