latest data released by Central Board of Direct Taxes ,cbdt) Advance tax collections for the first quarter of the current fiscal stood at Rs 1,16,776 crore – a 13.7% increase over the corresponding period last year.
Advance tax collection is to be done by companies and individuals with an annual income of more than Rs 10,000 from sources other than salary with an amount to be paid during the four quarters. The first installment was due on 15 June.
Advance tax is often seen as a barometer of corporate performance. According to data released by the CBDT at that time, there was a 33% increase in advance tax collections till June 16, 2022. The economy is projected to grow at a slightly slower pace during the current fiscal and is expected to see an expansion of around 6.5% as compared to 7.2% last year. However, Chief Economic Advisor V Ananth Nageswaran has projected a growth of 7%.
The tax collection growth rate so far in the fiscal is faster than the full year target of 10.5%.
The tax department said it has so far issued refunds worth Rs 39,578 crore, a 30 per cent increase as compared to Rs 30,414 crore during the same period last year. As a result, on a net basis (after factoring in refunds), the Centre’s kitty grew by 11.2% to Rs 3,79,760 crore. This included a mop-up of around Rs 1.6 lakh crore from corporation tax, the total share of which was pegged at 41.3%.