Net direct tax mop-up rises 45% to over Rs 3.39 lakh cr till mid-Jun

New Delhi: The net direct tax collections till mid-June this fiscal increased 45 percent to over Rs 3.39 lakh crore, buoyed by decent advance tax mop-up, the Income Tax department said on Friday.

The net direct tax collection of over Rs 3.39 lakh crore includes Corporation Tax (CIT) at over Rs 1.70 lakh crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), at over Rs 1.67 lakh crore.

”The figures of Direct Tax collections for the Financial Year 2022-23, as on June 16, 2022, show that net collections are at Rs 3,39,225 crore compared to Rs 2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 percent over the collections of the preceding year,” the Central Board of Direct Taxes (CBDT) said.

The advance tax collections for the first quarter this fiscal stand at over Rs 1.01 lakh crore against Rs 75,783 crore in the corresponding period last fiscal, a growth of more than 33 percent.

This comprises CIT at Rs 78,842 crore and PIT at Rs 22,175 crore.