India's direct tax kitty grows by 30% on higher advance tax mop-up

Wednesday 21st September 2022 06:45 EDT

The finance ministry said that India's gross direct tax collections grew 30 per cent to £83.6 billion till September 17 of current fiscal year on higher advance tax mop-up buoyed by the economic revival post pandemic.

After adjusting for refunds amounting to £13.5 billion, net direct tax kitty grew 23 per cent to £70 billion. Gross collection of direct taxes for 2022-23 stands at £8.36 billion compared to £6.42 billion in the year-ago period, registering a growth of 30 per cent, the ministry said in a statement.

This includes revenue from Corporate Income Tax of £43.6 billion and Personal Income Tax (PIT) of £39.8 billion.

“Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post pandemic, as also the result of the stable policies of the government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology,” the ministry said.

For April-September, advance tax collection grew 17 per cent to £29.5 billion. This includes advance tax payout by corporate taxpayers of £22.9 billion. After adjusting for refunds, net direct tax collections rose 23 per cent to £7.01 billion, compared to £5.68 billion in the corresponding period of 2021-22.

Refunds amounting to £1.35 billion have been issued in 2022-23 till September 17, a 83 per cent growth over the year-ago period.

comments powered by Disqus

to the free, weekly Asian Voice email newsletter