Net collection of Direct Tax recorded with 45% jump
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Net collection of Direct Tax recorded with 45% jump“
Net direct tax collections between April and mid-June climbed up to 45% to over Rs 3.39 lakh crore as per the Income Tax department which reflecting an uptick in economy.
The net direct tax collection of over Rs 3.39 lakh crore is consisting Corporation Tax (CIT) of over Rs 1.70 lakh crore and Personal Income Tax (PIT). It also included Security Transaction Tax (STT) of more than Rs 1.67 lakh crore.
The bettered collections are mainly due to a 47 per cent growth in TDS mop-up and a 33 per cent rise in advance tax realization for April-June quarter.
As per the Central Board of Direct Taxes (CBDT), the numbers of direct tax collections for the financial year 2022-23 pointed that net collections are at Rs 3,39,225 crore in comparison with Rs 2,33,651 crore over the corresponding period of the preceding year which presenting an increase of 45 per cent over the collections of the preceding year.
The collection has recorded a growth of 171 per cent as compared to the corresponding period of 2020-21 when it stood at Rs 1.25 lakh crore, and 103 per cent over Rs 1.67 lakh crore collected during the same period of 2019-20.
The gross collections rose by 40% to over Rs 3.69 lakh crore till mid June. The collection in the same period last year was registered at over Rs 2.64 lakh crore. Gross collection consisted refunds of Rs 30,334 crore.
The advance tax collections for the first quarter this fiscal placed upright at over Rs 1.01 lakh crore against Rs 75,783 crore in the corresponding period last fiscal, witnessing a growth of more than 33 per cent.
This contains CIT (Corporation Tax) at Rs 78,842 crore and PIT (Personal Income Tax) at Rs 22,175 crore.
The collections of Tax Deducted at Source at over Rs 2.29 lakh crore which has 46% higher than Rs 1, 57,434 crore earned during the corresponding period of the preceding financial year.
Self-assessment tax collection was registered at Rs 21,849 crore, 41 per cent up from Rs 15,483 crore collected in the year-ago period.
India’s direct tax collection increased by a record 49 per cent to Rs 14.10 lakh crore in the last fiscal ended March 31, 2022.
The government has forecast to collect Rs 14.20 lakh crore from direct taxes this fiscal. It will be included of Rs 7.20 lakh crore from corporate taxes and Rs 7 lakh crore from individual taxpayers.
Question & Answer:
Q1. How much rupees of direct tax has been collected on April to mid-June?
Ans. Rs 3.39 lakh crore
Q2. What percent growth has been recorded in collection of direct tax compared to same period of 2020-21?
Ans. 107 percent
Q3. How much lakh crore of direct tax has been collected in the last fiscal ended March 2022?
Ans. Rs 14.10 lakh crore