Saturday, May 18, 2024

Gujarat witnessed 13% rise in I-T collections in FY 2022-23

In the financial year 2022-23, Gujarat experienced a boost in income tax (I-T) collections, with the figures rising by 13 per cent from the previous year.

According to data released by the I-T department, the collections soared from Rs 36,800 crore in FY 2021-22 to Rs 41,700 crore in FY 2022-23.

The amount comprised various components, including Rs 24,800 crore from tax deducted at source (TDS), Rs 17,300 crore from advance tax, Rs 7,800 crore from self-assessment, and Rs 1,000 crore from regular assessment.

Moreover, the taxpayers received a sum of Rs 10,000 crore in refunds, nearly doubling the amount compared to the previous fiscal.

The data also revealed that the taxpayers made a significant contribution to Gujarat’s direct tax collections, accounting for Rs 82,900 crore, which represent half of the total amount. The remaining half was generated through corporate taxes.

This notable increase in income tax collections is attributed to the receding impact of the Covid-19 pandemic, as both corporate entities and individuals regain stability.

The recently-released figures by the Central Board of Direct Taxes (CBDT) for the financial year 2023-24 indicated a national increase of 11 per cent, with a collection of Rs 3.79 lakh crore by June 17, as compared to Rs 3.41 lakh crore in FY 2022-23.

The gross collections for the same period also rose by 13 per cent, from Rs 3.71 lakh crore to Rs 4.19 lakh crore, encompassing both corporation tax and income tax.

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