Advance Corporate tax collection rose by 45% YoY basis, net collection grow by 52%

Net tax collections for the first quarter of the fiscal year that started on April 1, 2022, have soared to 52 percent following a strong uptick in collections. Advance tax collection including corporate and individuals increased by approximately 49 percent in comparison of last year in same quarter

Advance tax collection of corporate tax in this quarter stood at Rs 26798.6 crores which is 45 percent higher as against Rs 18357 last year in same quarter. Source: PTI

The net tax collections for the first quarter of the fiscal year that started on April 1, 2022, have soared to 52 percent following a strong uptick in collections. Advance tax collection including corporate and individuals increased by approximately 49 percent in comparison of last year in same quarter.

Advance tax collection of corporate tax in this quarter stood at Rs 26798.6 crores which is 45 percent higher as against Rs 18357 last year in same quarter.

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Advance tax collection of Corporate tax has grown by 45 percent.

Overall advance tax collection is Rs 42,680 crores and this higher compared to Rs 28,780 crore in Q1 FY22.

Advance personal tax, stood at Rs 15881.2 crores which is higher by 52 percent. Last year in advance tax in personal tax category was Rs 10,422 crores.

Q1 Direct tax collections have risen by 52 percent to Rs 2,81,006 crores compared to Rs 1,85,871 crore in FY22.

TDS collection also grown by 45 percent on year on year basis. In Q1, TDS collected by 2,27,129 crores which was Rs 155641 crores in Q1 financial year 21-22.

In circles also everybody has registered growth in double digit. However, Kochi region has by grown by 134 percent.

Mumbai region has registered 60 percent growth, Delhi and Bangalore have registered 57 percent growth on year on year basis.

Advance tax paid in four instalments through the year, the first advance tax instalment revealed in June comprises of 15% of the evaluated tax liability of companies and individuals in the first quarter of the fiscal.

These figures correspond to FY23 Q1 and are expected to rise further as information from banks are awaited.

Refunds issued in FY23 Q1 amounted to Rs 30,731 crores which is also higher in comparison from last year.

According to a statement by the finance ministry, as of the fourth instalment in March, last year, collections rose to Rs 6.62 lakh crores, which was 40.75 per cent up, pushing net direct tax collections to Rs 13.63 lakh crores in FY22. Refunds aggregating to Rs 1.87 lakh crores had been issued in the last fiscal.

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