Business

Gross direct tax collections register growth of 30% in current financial year in comparison to last fiscal

The gross direct tax collections has registered a growth of 30 percent in the current financial year in comparison to 2021-22. Finance Ministry said, as on 17th of this month, the gross collection of direct taxes in 2022-23 is at over eight lakh 36 thousand crore rupees compared to over six lakh 42 thousand crore rupees in 2021-22. It said, net Direct Tax collections have also grown at 23 percent for the current financial year.

The Ministry said, there has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal. Almost 93 percent of the duly verified ITRs having been processed till 17th of this month.

This has resulted in the faster issue of refunds with almost a 468 percent increase in the number of refunds issued in 2022-23. Refunds amounting to over one lakh 35 thousand crore rupees have been issued in the current financial year till date.

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