Advance corporate tax collection increased by 45% on an annual basis, net collection increased by 52%

0

After-tax recoveries for the first quarter of the fiscal year that began April 1, 2022 climbed to 52% following a strong increase in recoveries. Advance tax collection, including business and personal, was up about 49% year-on-year in the same quarter.

The advance collection of corporate tax during this quarter amounted to Rs 26,798.6 crore which is 45% higher from Rs 18,357 crore last year in the same quarter.

Watch the Zee Business live stream below:

Advance collection of corporation tax increased by 45%.

The overall collection of withholding tax is Rs 42,680 crore, which is higher than Rs 28,780 crore in the first quarter of FY22.

The withholding personal tax stood at Rs 15,881.2 crores which is 52% higher. Last year, the withholding tax under the personal tax category was Rs 10,422 crore.

Direct tax collections in the first quarter increased by 52% to Rs 2,81,006 crore from Rs 1,85,871 crore in FY22.

TDS collection also increased by 45% year-on-year. In the first quarter, TDS collected 2,27,129 crore which is Rs 155641 crore in the first quarter of FY21-22.

In circles too everyone recorded double-digit growth. However, the Kochi area grew by 134%.

Mumbai region saw 60% growth, Delhi and Bangalore saw 57% year-on-year growth.

Tax installment paid in four instalments throughout the year, the first tax installment revealed in June includes 15% of assessed corporate and personal tax payable in the first quarter of the fiscal year.

These numbers are for the first quarter of FY23 and are expected to increase further as information from banks is awaited.

Refunds issued in the first quarter of FY23 amounted to Rs 30,731 crore which is also higher than last year.

According to a statement from the Ministry of Finance, from the fourth installment in March last year, collections reached Rs 6.62 lakh crores, an increase of 40.75%, pushing net direct tax collections to Rs 13.63 lakh crores in FY22. Refunds totaling Rs 1.87 lakh crores were issued in the last financial year.

Share.

Comments are closed.