Net Direct Tax collections for the Financial Year 2022-23 grown at over 45%

Tags: Economy/Finance

Net direct tax collection till mid-June of this fiscal grew by 45 per cent to over Rs 3.39 lakh crore.

• The net direct tax collection of over ₹3.39 lakh crore includes Corporation Tax at over Rs 1.70 lakh crore and Personal Income Tax, including Security Transaction Tax, at over Rs 1.67 lakh crore.

• Advance tax collection in the first quarter of the current fiscal stood at Rs 1.01 lakh crore as against Rs 75,783 crore in the corresponding period of the previous fiscal, showing a growth of over 33 per cent.

• This comprises corporation tax at  ₹78,842 crore and Personal Income Tax at ₹22,175 crore. 

• What Is a Direct Tax?

• Direct tax is a tax that is paid by an individual or company directly to the implementing entity.

• An individual taxpayer pays direct taxes to the government for various purposes.

• The Central Board of Direct Taxes deals with matters relating to the levy and collection of direct taxes.

• A taxpayer pays direct taxes to the government for various purposes, including real wealth tax, personal wealth tax, income tax, gift tax, capital gains tax, etc.