Income Tax collection in Gujarat soars by 13% in FY 2022-23

Gandhinagar: The income tax department data revealed that Gujarat witnessed a 13% rise in income tax (I-T) collection during the financial year (FY) 2022-23, with the collection increasing from Rs 36,800 crore in FY 2021-22 to Rs 41,700 crore in FY 2022-23.

This amount comprised various components, including Rs 24,800 crore from tax deducted at source (TDS), Rs 17,300 crore from advance tax, Rs 7,800 crore from self-assessment, and Rs 1,000 crore from regular assessment. Additionally, income taxpayers received Rs 10,000 crore in refunds, nearly double the amount compared to FY 2021-22.

The data also revealed that income taxpayers contributed to half of Gujarat’s direct tax collection, amounting to Rs 82,900 crore. The remaining half came from corporate taxes.

This increase is believed to be a result of the receding impact of the Covid pandemic, with corporate entities and individuals regaining stability. Recently released figures by the Central Board of Direct Taxes (CBDT) for the financial year 2023-24 showed a collection of Rs 3.79 lakh crore by June 17, compared to Rs 3.41 lakh crore in FY 2022-23, indicating an 11% increase nationally. The gross collection for the same period rose by 13%, from Rs 3.71 lakh crore to Rs 4.19 lakh crore, encompassing corporation tax and personal income tax. DeshGujarat