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Gross direct tax collection gain by 30%

New Delhi: The union Finance Ministry updated that the gross direct tax collections in the country  grew 30% till September 17 of current fiscal year. The gross direct tax collection is at Rs 8.36 lakh crore.

‘The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of preceding financial year i.e. 2021-22, registering a growth of 30% over collections of 2021-22,’  the ministry said in a statement.

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The total advance tax collections for April-September stand at Rs 2,95,308 crore as on September 17. This is higher by 17% than the amount collected last year.

Gross collection of Rs 8.36 lakh crore includes Corporate Income Tax at Rs 4.36 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 3.98 lakh crore. After adjusting for refunds, net collections rose 23% to Rs 7,00,669 crore.

Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct tax include income tax, corporate tax and estate tax. Indirect tax is not paid directly by a person to the government. Indirect tax is collected by an intermediary such as manufacturer, trader or service provider and passed on to the government. The consumer bears the final economic burden of the tax. Indirect tax includes GST, central excise duty and customs.



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