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Direct tax Collection: FY 22-23

Published on February 12, 2023
Current context: According to the report, direct tax collection in India has seen an increase of 24% in the 2022-23 fiscal year compared to the previous year.
Direct tax Collection: FY 22-23
  • The total amount of direct taxes collected was recorded at Rs 15.67 lakh crores as of February 10, 2023.
  • The CBDT, under the jurisdiction of the Finance Ministry, recently released the Revised Tax Collection Estimates for the country.
  • The estimated budget for direct tax revenue was Rs 14.2 lakh crores, but the actual collection was higher.
  • The increase in tax collection can primarily be attributed to higher collections of Corporate Income Tax and Personal Income Tax.
  • The Corporate Income Tax collection saw a 19.33% increase compared to the previous year, while the Personal Income Tax collection was 29.63% higher.
  • Taxes like income tax fall under the category of direct taxes, meaning they are levied on the profits of individuals or organizations, as opposed to goods and services.
  • On the other hand, GST is an indirect tax, as it is imposed on goods and services, and includes taxes like service tax, value-added tax, excise duty, and purchase tax.

Question:

Q.1 Which of the following best describes the recent increase in direct tax collection in India according to the Revised Estimates released by the CBDT?
a. The increase was primarily due to higher corporate and personal income tax collections.
b. The direct tax collection did not increase as compared to the previous year.
c. The direct tax collection was only due to the imposition of GST.
d. The direct tax collection was only due to the higher collection of value-added taxes.
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