Net direct tax mop-up rises 45%

New Delhi: The net direct tax collections till mid-June this fiscal increased 45 per cent to over `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 `3.39 lakh crore includes Corporation Tax (CIT) at over `1.70 lakh crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), at over `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 `3,39,225



crore compared to `2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 per cent 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 `1.01 lakh crore against `75,783 crore in the corresponding period last fiscal, a growth of more than 33 per cent.

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