Gross Direct Tax Collections Grows by 25.90% in FY 2022-23

New Delhi: The Gross collection of Direct Taxes has registered a growth of 25 .90 per cent which stood at 13,63,649 crore rupees in the financial year 2022-23. The Gross collection in the corresponding period stood at 10,83,150 crore rupees.

According to the Finance Ministry data, the Net Direct tax collection for FY 2022-23 stood at 11,35,754 crore rupees, registering a growth of 19.81 per cent. The Net Direct tax collection for the corresponding period was recorded at 9,47,959 crore rupees.

Meanwhile, Advance Tax collections for FY 2022-23 were recorded at 5,21,302 crore rupees, which showed a growth of 12.83 per cent.

The Ministry said there has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, which is almost 96.5 per cent. It said this has resulted in the fast issuing of refunds with almost a 109 per cent increase, amounting to 2,27,896 crore rupees for FY 2022-23.