Taxmen in Gujarat have achieved 70%, or Rs 59,225 crore, of the Rs 84,800 crore direct tax collection target set for 2022-23 in the third quarter ending December 31.
The net collection in the first three quarters of this financial year is almost equal to the entire target of the previous year. In 2021-22, Gujarat had collected net direct tax of Rs 71,000 crore, overshooting its revised target of Rs 61,600 crore.
Interestingly, the net collection in Gujarat rose by 27% in Q3 of the current financial year in spite of the fact that the department has expedited refunds to taxpayers. Refunds have risen by a whopping 68% over the same period last year with over Rs 4,660 crore more refunds being issued by the end of Q3 over the same period last year.
Till the end of Q3 of the current financial year, on December 31, 2022, the net direct tax collection in Gujarat stood at Rs 59,225 crore, a 27% rise against Rs 46,650 crore collected in Q3 of 2020-21.
Advance tax filed in the first nine months of 2022-23 reached Rs 29,900 crore, up 21% against Rs 24,747 crore in the same period last year.
Tax Deducted at Source (TDS) collection meanwhile reached Rs 31,432 crore, a rise of 36% against Rs 23,100 crore till the end of Q3 in the last financial year.
Income Tax Returns (ITRs) or Self-Assessment accounted for almost Rs 27,780 crore till the end of December 2022, a rise of 18% against Rs 23,544 crore in the first three quarters of 2021-22.
Gross collections by the end of the third quarter reached Rs 70,711 crore by December 31, 2022, against Rs 53,475 crore in the same period last year. This is a rise of 32%.
The Gujarat Income Tax department issued refunds of Rs 11,485 crore in Q3 2022-23 against Rs 6,825 crore at the end of Q3 in 2021-22. This is a 68% rise in refunds, year over year for Q3.