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Monday, December 19, 2022

To December 17, advance tax collections increased 13% to Rs 5.2 lakh crore

Advance tax collections rise 13% to Rs 5.2 lakh crore till December 17

 Delhi, India: Companies and specific individuals have contributed 12 percent more in advance tax collections. 8% to more than Rs. 2 lakh crore, as per the most recent official figures that were released on Sunday.

Corporation tax payments account for nearly Rs 4 lakh crore, with the remaining over Rs 1 crore. 2 lakh crore as a result of the tax on personal income. Although advance tax is due in four installments, three of them had to be paid by December 15 with the final installment due in the middle of March.

A good indicator of direct tax collections, which appear to be holding up so far, is thought to be advance tax. A 13 is what the government has budgeted for. 6% increase in the current fiscal year's gross direct tax collections to Rs 14. 2,00,000 crore.

According to the estimates provided by the finance ministry, gross direct tax collections increased by 26 percent from January 17 to December 17. 9% to over Rs 13. 6 lakh crore, as opposed to ten 8 lakh crore in the same time frame last year.

Personal income tax contributed nearly Rs 6 and corporation tax was estimated at Rs 7,25,036 crore within this. 4 lakh crore. Advance tax accounted for more than 38% of gross collections, while TDS accounted for just under 50%, according to finance ministry data.

“During the current fiscal year, almost 96 income tax returns have been processed at a remarkable rate. 5% of the income tax returns (ITRs) that were properly verified and processed up until December 17, 2022. As a result, refunds have been issued more quickly, with almost a 109 percent increase in the current fiscal year, according to a statement from the finance ministry. During the fiscal year ending on December 17, 2022, refunds totaled just under Rs 2. 3 lakh crore, or 69% more than in the same time period last year.

The finance ministry stated that net collections are approximately 20% higher at Rs 11,35,754 crore.

On the tax front, the Centre is so far ahead of the asking rate that it gives it a much-needed cushion during a year when it had to increase spending because of higher subsidies for fertilizer, food, and fuel caused by the conflict in Ukraine. The government has said it will try to have a deficit of 6 dollars. 4% of this year's GDP.

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