New Delhi: Data released by government revealed that the gross direct taxes collection (before adjusting for refunds) for 2022-23 stood at Rs 13,63,649 crore. It was at Rs 10,83,150 crore in the corresponding period of last year. The total direct tax collection thus reported a growth of of 25.90%. Direct tax collections (after refunds) stood at Rs 11,35,754 crore, as on December 17, 2022. It was at Rs 9,47,959 crore recorded in the corresponding period of last year. It reported a growth of 19.81%.
Advance tax collections for the current fiscal stood at Rs 5,21,302 crore as on December 17, 2022. It is 12.83% more than last year. Refunds aggregating to Rs 2,27,896 crore were issued in the current fiscal.
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Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct tax include income tax, corporate tax and estate tax. Indirect tax is not paid directly by a person to the government. Indirect tax is collected by an intermediary such as manufacturer, trader or service provider and passed on to the government. The consumer bears the final economic burden of the tax. Indirect tax includes GST, central excise duty and customs.
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