Direct tax collection surpasses Rs 10 lakh crore in December, Northeast states show considerable rise in collections

Direct tax net collection crossed 10 lakh crores so far this month. Advance tax collection including corporate and personal income reached Rs 3.93 lakh crore till December 15.

Among states, Guwahati region recorded the highest growth in tax collection as it registered an incredible by 42 per cent.

The Ministry of Finance recently mentioned in a tweet on December 12, "Direct tax collection net of refund stands at ₹8.77 lakh crore as of November 30, which is 24.26% higher than the net collection for the corresponding period last year."

The collection represents more than 60 per cent of Budget Estimates for FY23. The collection as estimated in the Budget stood at Rs 14.20 trillion in FY23, higher than Rs 14.10 trillion collected last fiscal.

There has been a continuous uptrend in tax collection in recent months. Even the GST collection has been on the rise in the last few months. Moreover, the last data produced at the Parliament shows that the Northeast states have shown a considerable spike in tax collection.

According to official and experts associated with revenue department, recent years have seen a massive infrastructure push in the Northeast. The expansion of highways, railways, and airports has boosted economic activity in this region. Northeastern states are experiencing high growth rates as a result.

Although, the amount of direct tax collected has been on the rise, the Central Board of Direct Taxes (CBDT) on Thursday directed some senior tax officials to submit a detailed analysis of advance tax collections, and some media reports said that a list with the names of the top 15 taxpayers in each region in the current fiscal year needs to be submitted.

The directive was given to “maximise direct tax collection” and monitor advance tax collection figures for the financial year 2022-23 (FY23).