Winning Bizness Desk

Mumbai. There has been a huge increase in direct tax collection in the financial year 2022-23 and what makes it more interesting, is this tax collection was more than the estimated by the government. According to data released by the Finance Ministry, the net direct tax collection in the financial year 2022-23 stood at Rs 16.61 lakh crore. 14.12 lakh crore in the previous year 2021-22. The Finance Ministry has informed that the actual tax collection in 2022-23 has increased by 17.63 percent compared to the previous year. According to data released by the finance ministry on direct tax collection, direct tax collection stood at Rs 16.61 lakh crore in 2022-23 as per provisional figures. It is 16.97 percent more than the budget estimate ie Rs 2.41 lakh crore more.

Corporate tax collection also goes up

The budget estimate had set a direct tax collection target of Rs 14.20 lakh crore. As per the revised estimate, this target has been increased to Rs 16.50 lakh crore. But the actual tax collection figures are 16.97 percent higher than the budget estimate and 0.69 percent higher than the revised estimate. Adding the refunds issued, the total direct tax collection in 2022-23 stands at Rs 19.68 lakh crore. 16.36 lakh crore in 2021-22 which is 20.33 percent higher. Even Corporate tax collection has increased by 16.91 per cent to Rs 10,04,118 crore in 2022-23. This corporate tax stood at Rs 8.58,849 crore in 2021-22. In 2022-23, after adding STT i.e. Security Transaction Tax, the personal income tax collection stands at Rs 9,60,764 crore. Compared to the year 2021-22, there has been 24.23 percent more tax collection. The personal income tax collection in the year 2021-22 was Rs 7,73,389 crore. In 2022-23, the Income Tax Department issued returns worth Rs 3,07,352 crore. 37.42 crore as compared to Rs 2,23,658 crore in the year 2021-22.

GST collection over 1.60 lakh crore in March

The Goods and Services Tax i.e. GST collection in the country has added a lot to the government's coffers. March 2023 GST Collection has been good. In March 2023, the country's GST collection stood at Rs 1 lakh 60 thousand 122 crores. This is the second largest collection in the history of GST till date. The last month of the last financial year has been good in terms of GST tax collection. This is the second highest GST collection after April 2022. The special thing about the GST collection of March 2023 is that the GST collection has remained above Rs 1.4 lakh crore for 14 consecutive months. On the other hand, since the introduction of GST in the country, this is the second time that GST collections have exceeded Rs 1.6 lakh crore. GST revenue has increased by 13 percent this year as compared to the month of March last year.