The advance tax collection, both corporate and personal, has grown 10.1 per cent yearly to Rs 1,92,600 crore Q2FY23. The corporation advance tax mop-up in the third quarter stands at Rs 1,49,242 crore, against Rs 1,35,347 crore in the corresponding period, up 10.2 per cent. On the other hand, advance personal income tax collection is 9.5 per cent higher at Rs 43,358 crore, against Rs 39,592 crore last year.

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Between Apr-Sep, the cumulative advance tax collection, as compared with first and second instalments, rose 17 per cent to surpass Rs 2.95 trillion, against Rs 2.52 trillion as per the Central Board of Direct Taxes (CBDT). The government attributed the ‘robust collection’ to the revival of economic activity after COVID-19. Advance tax is paid as and when the money is earned in four instalments. On June 15, the first instalment is to be paid 15 per cent, the second instalment paid by September 15 at 30 per cent, the third instalment paid by December 15 at 30 per cent, and the rest by March 15.

Between April 1 to September 7, net direct tax collection for the current fiscal year grew 23 per cent to over Rs 7 trillion from Rs 5.68 trillion in the last year. This included corporation tax collection at Rs 3.68 trillion and personal income tax, including Securities Transaction Tax (STT), mop-up of over Rs 3.30 trillion. Gross collection (before adjusting for refunds) for the ongoing fiscal year was up 30 per cent to Rs 8.36 trillion, from Rs 6.42 trillion a year ago.

The refunds amounting to Rs 1.35 trillion have been issued against refunds of Rs 74,140 crore issued during the previous year showing over 83 per cent growth.