The Center’s advance taxes rose by a third to 1 trillion rupees in the first quarter

Aided by the revival of economic activities and better compliance, the Centre’s advance direct taxes from companies, LLPs and individuals rose 33% year-on-year to around Rs 1.01 trillion in Q1 FY23.

By 16 June of the current financial year, net direct tax collections (after refunds) amounted to 3.39 trillion rupees, 45% more on an annual basis and 171% on the same period in the 21st financial year and 103% on the same period. in 2020.

The annual growth rate required to reach the target for the collection of net direct taxes for the whole year of Rs 14.2 trillion in fiscal year 23 is only 2.5% above the actual collections in fiscal year 22.

The last date for payment of the advance tax for the first quarter was June 15, but some amounts continue to run for several days.

Net direct tax collections are ready to exceed the target for the 23rd financial year by as much as 2 trillion rupees, analysts say.

Advance taxes collected in the quarter for June amounted to 1.01 trillion rupees, compared to about 75,783 rupees a year earlier.

This includes a corporate tax of Rs 78,842 and a personal income tax of Rs 22,175.

“This amount is expected to increase with the receipt of additional information from banks,” said the Central Council of Direct Taxes (CBDT).

Gross direct tax revenues (before refunds) amounted to 3.7 trillion rupees, up 40% from the previous year’s collection.

This includes a corporate tax of Rs 1.91 trillion and a personal income tax, including a tax on securities transactions of Rs 1.78 trillion.

Minor head collection includes an advance tax of 1.01 trillion rupees, a withholding tax of 2.3 trillion rupees (an annual increase of 46%), a self-assessment tax of 21,849 rupees (an annual increase of 41%) , a regular assessment tax of Rs 10,773, a tax on distributed profits of Rs 5,529 and a tax on other insignificant chapters of Rs 715.

So far, refunds of Rs 30,334 have been made in the 23rd fiscal year, the CBDT said.

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