Direct Tax collections record substantial growth in FY 2022-23

Continuing to grow sharply, the direct tax collection has reached to Rs. 7,00,669 crore in comparison to Rs. 5,68,147 crore in the same period in the preceding Financial Year( FY 2021-22) registering 23% increase.

The Gross collection of Direct Taxes for the FY 2022-23 has also increased by 30% over the previous year. The Gross collection of tax stands at Rs. 8,36,225 crore and it includes Personal Income Tax (PIT) including Securities

Transaction Tax(STT) at Rs. 3,98,440 crore and Corporation Tax (CIT) at Rs. 4,36,020 crore.

This year the income tax returns filed has also registered increase with over 93% of ITRs having been filed. There has also been a remarkable increase in the speed of processing of refunds.