Net Direct Tax collections for the Financial Year 2022-23 grown at over 45%

Jun 18, 2022 | Business


The figures of Direct Tax collections for the Financial Year 2022-23, as on 16.06.2022 show that net collections are at Rs.3,39,225 crore compared to Rs.  2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45% over the collections of the preceding year. The net collection (as on 16.06.2022) in F.Y. 2022-23 has registered a growth of 171% over the corresponding period of F.Y. 2020-21 when the net collection was Rs. 1,25,065 crore, and a growth of 103% over the corresponding period of F.Y. 2019-20 when the net collection was Rs. 1,67,432 crore.


 The Net Direct Tax collection of Rs. 3,39,225 crore (as on 16.06.2022) include Corporation Tax (CIT) at Rs. 1,70,583 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 1,67,960 crore (net of refund).


The Gross collection of Direct Taxes (before adjusting for refunds) for the F.Y.  2022-23 stands at Rs. 3,69,559 crore compared to Rs. 2,64,382 crore in the corresponding period of the preceding year, representing an increase of almost 40% over the collections of the preceding year. This includes Corporation Tax (CIT) at Rs. 1,90,651 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 1,78,215 crore. Minor head wise collection comprises Advance Tax of Rs. 1,01,017 crore, Tax Deducted at Source of Rs.2,29,676 crore, Self-Assessment Tax of Rs. 21,849 crore, Regular Assessment Tax of Rs. 10,773 crore, Tax on Distributed Profits of Rs. 5,529 crore and Tax under other minor heads of Rs. 715 crore.


The Advance Tax collections for the first quarter of the F.Y. 2022-23 stand at Rs. 1,01,017 crore against Advance Tax collections of Rs. 75,783 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of more than 33%. This comprises Corporation Tax (CIT) at Rs. 78,842 crore and Personal Income Tax (PIT) at Rs. 22,175 crore. This amount is expected to increase as further information is received from Banks.


The TDS collections for F.Y. 2022-23 (as on 16.06.2022) stand at Rs. 2,29,676 crore against TDS collections of Rs. 1,57,434 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of nearly 46%.


The Self-Assessment Tax collections for F.Y. 2022-23 (as on 16.06.2022) stand at Rs. 21,849 crore against self-assessment tax collections of Rs. 15,483 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of more than 41%.


Refunds amounting to Rs. 30,334 crore have also been issued in the F.Y. 2022-23.


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Exceptional Collections Shine at Bonhams Glass Sale

Dec 5, 2021 | Business



During the 16th and 17th centuries, Venetian drinking glass was the last word in luxury, and glassmakers elsewhere in Europe, most notably in Germany and the Netherlands, vied to produce their own versions. An exceptional collection of 24 Venetian and façon de Venise glasses, as they became known, led Bonhams Fine Glass, Paperweights and British Ceramics sale in London on 1 December, making £280,710. It also produced the top lot of the day, an extraordinarily rare Dutch engraved façon de Venise wine glass made between 1660-1700 which sold for £125,250 having been estimated at £8,000-12,000.


The 482-lot sale made a total of £1,076,920, with 75% sold by lot and 91% sold by value.


Jim Peake, Bonhams Glass specialist, said: “The fragility of these glasses makes them remarkable survivors. It is rare for such a comprehensive collection to come to auction, so I was not surprised it attracted a lot of attention from collectors. The Dutch engraved façon de Venise wine glass which secured the highest price of the day, for example, was unique and keenly sought-after. It came down in the end to a battle between two very determined bidders, reflecting the once-in-a-lifetime opportunity it represented to acquire such a special glass.”


Other collections in the sale also produced strong results including:


• An exceptionally rare façon de Venise latticinio Kuttrolf (flask). Made in the last third of the 16th century, probably in the Low Countries, it was decorated with a loose-meshed network of lattimo threads. Loose-meshed latticinio decoration of this type is incredibly rare and no other Kuttrolf in this technique appears to be known. Sold for £72,250 (estimate: £8,000-12,000).


• An exceptional Venetian engraved latticinio goblet, late 16th century. No other latticinio piece decorated in this way with diamond-point engraving would appear to be recorded in the literature, making the present goblet a unique survivor and exceptionally important. Sold for £69,000 (estimate: £15,000-20,000).


Other sale highlights included a highly important Beilby enamelled armorial light baluster wine glass, dating from around 1765. It was long assumed that the arms on this glass – which was possibly made to commemorate a wedding – were pure invention but they have been identified as those of the Yeoman family of Dryburgh in Berwickshire. The Beilby workshop specialised in armorial decoration and their most celebrated productions are a series of royal wine glasses and goblets. Sold for £56,500 (estimate: £20,000-30,000).


3 December 2021