Direct Tax collections in India for FY 2022-23 at Rs16.68 lakh crore

Government data has revealed that Direct Tax collections up to March 10, 2023, stood at Rs16.68 lakh crore which is 22.58 per cent higher than the gross collections for the corresponding period of last year.

Direct Tax collection, net of refunds, stands at Rs13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year.

As per the Central Board of Direct Taxes, Department of Revenue, this collection is 96.67 per cent of the total Budget Estimates and 83.19 per cent of the Total Revised Estimates of Direct Taxes for FY 2022-23.

As per the Income Tax Department, so far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 18.08 per cent and that for PIT (including STT) is 27.57 per cent.

After adjustment of refunds, the net growth in CIT collections is 13.62 per cent and that in PIT collections is 20.73 per cent (PIT only)/ 20.06 per cent (PIT including STT).

As per the government data, refunds amounting to Rs2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which are 59.44 per cent higher than the same period in the preceding year.

The Central government has released Rs1,40,318 crore as monthly instalment towards Tax devolution to states.

The monthly instalment for March is much more than the normal monthly devolution of Rs 70,159 crore made for states.

This is in line with the commitment of the Central government to strengthen the hands of states to accelerate their capital and developmental expenditure, an official statement said.

Uttar Pradesh received the highest instalment of Rs24,783 crore among all states.

The Supreme Court has allowed a member of the Income Tax Appellate Tribunal (ITAT) to continue in the post till the age of 62 years as per the provisions of the Income Tax Act, 1961.

Last week, a bench headed by Chief Justice D.Y. Chandrachud said: “The clear position on the facts of this case is that the right of the applicant to appointment had been crystallised even before the 2017 Rules. Therefore, the appointment of the applicant would be governed by the position as it existed prior to the 2017 Rules. In other words, her tenure shall be extended until she attains the age of 62 years.”

On April 17, 2013, the Centre issued a circular to fill up 48 vacant posts of members of the ITAT and the applicant applied in the unreserved category.

Interviews were held, following which a panel of names was prepared for appointment on May 31 2014. Since the applicant was not included in the panel, she moved the Central Administrative Tribunal. The tribunal rejected her application on November 9, 2016 and then she moved the Calcutta High Court.