Net direct tax collections jump 45 per cent till June 16 in 2022-23

India’s net collection from direct taxes rose to ₹3,39,225 crore in the current financial year till June 16 as compared to ₹2,33,651 crore recorded in the corresponding period of the last year, registering a year-on-year growth of 45 per cent, as per the government data released on Friday.The net direct tax collections of ₹3,39,225 crore as of June 16 in the current financial year include corporation tax of ₹1,70,583 crore (net of refund) and the personal income tax including Security Transaction Tax (STT) at ₹1,67,960 crore (net of refund), according to data released by the Central Board of Direct Taxes.The gross collection of direct taxes (before adjusting for refunds) for the financial year 2022-23 till June 16 stands at ₹3,69,559 crore compared to ₹2,64,382 crore in the corresponding period of the preceding year, representing an increase of nearly 40 per cent year-on-year.This includes corporation tax at ₹1,90,651 crore and personal income tax including Security Transaction Tax (STT) at ₹1,78,215 crore.Minor head wise collection comprises advance tax of ₹1,01,017 crore, Tax Deducted at Source (TDS) of ₹2,29,676 crore, Self-Assessment Tax of ₹21,849 crore, Regular Assessment Tax of ₹10,773 crore, Tax on Distributed Profits of ₹5,529 crore and Tax under other minor heads of ₹715 crore.The advance tax collections for the first quarter of 2022-23 stand at ₹1,01,017 crore against Advance Tax collections of ₹75,783 crore for the corresponding period of the previous year, showing a growth of more than 33 per cent.This comprises corporation tax at ₹78,842 crore and personal income tax at ₹22,175 crore. This amount is expected to increase as further information is received from Banks, the Union Finance Ministry said in a statement.The TDS collections for FY 2022-23 (as on June 16, 2022) stand at ₹2,29,676 crore against TDS collections of ₹1,57,434 crore for the corresponding period of the previous year, showing a growth of nearly 46 per cent.The self-assessment tax collections for FY 2022-23 (as on June 16) stand at ₹21,849 crore against self-assessment tax collections of ₹15,483 crore for the corresponding period of the previous year, showing a growth of more than 41 per cent.Refunds amounting to ₹30,334 crore have been issued in the current financial year till June 16.