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Economy & Business

Tax collections increased by 24% year over year in the current fiscal

The Hawk
December12/ 2022

New Delhi (The Hawk): Net tax collections for 2022–2023 were 24.26% greater than net receipts for the same period in the previous year.

With this, official sources reported that 61.79% of the budget projections for the current fiscal year have already been met.

Additionally, compared to the same period last year, income tax refunds issued until November 30 this fiscal year were 66.92% greater.

During the period of April 1 to November 30, refunds of Rs 2.15 lakh crore were given.

Despite issues with the e-filing system, the Union finance ministry said in a statement on Monday that ITR filing was easier and more user-friendly for the assessment year 2022–23.

It claimed that a large amount of the data was pre-filled, making compliance simpler.

According to it, more over 72 lakh ITRs were submitted on just July 31.

Additionally, in July, more than five crore ITRs were filed.

Additionally, the government reported that 7 crore ITRs for the assessment year 2022–23 have been filed as of November 30.

(Inputs from Agencies)