The tax collection amount exceeded both the initial budget estimate and the updated projection by 16.97% and 0.69%, respectively. In comparison to the fiscal year 2021–2022, net tax collection has increased by 17.63 percent.
If you also pay income taxes, you need to be aware of the most recent information.
Taxpayers were generous to the government coffers for the fiscal year 2022–23, which ended on March 31. When compared to this time last year, net direct tax collection grew by 17.63% to Rs 16.61 lakh crore. The amount of taxes collected exceed the updated budget estimate.
Budgetary projections came to Rs. 14.20 lakh crore.
The Finance Ministry reported that the gross direct tax collection for the just-ended financial year was Rs 19.68 lakh crore when releasing the tax collection numbers for 2022–2023. This tax revenue represents a 20.33 percent increase over the Rs 16.36 lakh crore collected in the fiscal year 2021–2022. The budgeted amount for direct tax receipts for the fiscal year 2022–2023 was initially estimated at Rs. 14.20 lakh crore, however, it was later increased to Rs. 16.50 lakh crore.
The amount of tax collection rose by 17.63%.
Net tax receipts exceeded both the initial budget projection and the revised forecast by 16.97% and 0.69%, respectively. In comparison to the fiscal year 2021–2022, net tax collection has increased by 17.63 percent. It was Rs. 14.12 lakh crore a year ago. According to the Finance Ministry, the amount of gross corporation tax collected in the fiscal year 2022–23 increased by 16.91% to Rs. 10.04 lakh crore over the previous year.
The personal income tax rate also
In the just-ended fiscal year, the total amount of gross personal income tax collection (including STT) was Rs 9.60 lakh crore. In this method, an increase of 24.23% over Rs 7.73 lakh crore in the fiscal year 2021–2022 has been seen. Moreover, refunds worth Rs 3,07,352 crore—a 37.42 percent increase over Rs 2,23,658 crore—were awarded in the fiscal year 2022–23.
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