The Gross collection of Direct Taxes has registered a growth of 25.90 percent

Current Affairs

  • The Gross collection of Direct Taxes has registered a growth of 25.90 percent 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 percent. 
  • The Net Direct tax collection for the corresponding period was recorded at 9,47,959 crore rupees.
  • There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 96.5% of the duly verified ITRs having been processed till 17.12.2022. 
  • This has resulted in faster issues of refunds with nearly a 109% increase in the number of refunds issued in the current financial year.
  • Refunds amounting to Rs. 2,27,896 crore have been published in the FY 2022-23 till 17.12.2022, as against refunds of Rs.1,35,191 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 68.57%.

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