During the period, the numbers are after refunds, which added up to over Rs 2.1 lakh crore, representing a jump of almost 67%. In a series of tweets, the government said the processing time for income tax refunds has also been reduced significantly — from 26 days during the last financial year to 16 days this year. The government believes that improved tax payer services, including e-filing, are helping in better compliance and have made life easier.
Direct taxes collected so far added up to nearly 62% of the full year target, indicating that the Centre may exceed the Budget estimates for the year. The government has budgeted for direct tax collections of Rs 14.2 lakh crore during the current financial year
Officials have maintained that with monthly GST collections also stabilising at around Rs 1.45-1.5 lakh crore, the government may be able to top the full year revenue collection target, providing relief to the administration at a time when spending has gone up on account of higher fertiliser, food and fuel subsidies.
Last week, the Centre sought parliamentary approval for a fresh batch of spending, involving additional cash outgo of close to Rs 3.3 lakh crore, with around Rs 2 lakh crore on account of a higher subsidy bill in the wake of the war in Ukraine.
Fertiliser and oil prices had shot up following Russia’s attack in February, pushing up costs, with the government seeking to cushion the impact on the poor and farmers.
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