Direct Tax Collection: Net direct tax Collection rises 23% to Rs 7.04 lakh crore

In the financial year 2022-23, there is a great boom in Direct Tax Collection. Direct tax collection in the current financial year has been Rs 7.04 lakh crore, which is 23 per cent higher than the corresponding period last year. Finance Minister Nirmala Sitharaman said that direct tax collection has been very good but it can be improved even further.

Nitin Gupta, the chairman of the Central Board of Direct Taxes (CBDT), reported that in 2021–2022, income and corporate tax revenues reached a new high of Rs 14.09 lakh crore.

According to Gupta, “the momentum of the previous financial continues in current financial with net direct tax collection of Rs 7.04 lakh crore so far, which is a gain of 23% over the same period last financial.”

Gupta stated that the IT e-filing platform has stabilised and that as of July 31 it had facilitated the filing of 5.83 crore tax returns at the Finance Minister’s Award ceremony for CBDT personnel. On one day, a record 72 lakh returns were submitted via the platform.

The CBDT chairman said that the Income Tax Department is continuously increasing the use of technology these days to increase the collection of tax.