Direct tax collection rises by 41% to ₹3.54 lakh cr. in Q1 FY23

Cryptocurrencies unregulated in India as of now: MoS Finance

Net direct tax collection in the April-June quarter of the current fiscal rose by 41% to ₹3,54,569.74 crore, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha.

During the April-June period of 2021-22, the government had collected a net direct tax of ₹2,50,881.08 crore.

At the same time, net indirect tax collection including Goods and Services Tax (GST) and custom duty increased by 9.4% to ₹3,44,056 crore as against ₹3,14,476 crore in the first quarter of the previous fiscal, he said in a written reply.

“Various factors like rapid economic recovery post-COVID, better compliances due to various measures taken by the government have contributed to this increase,” he said.

He also informed that no tax exemption has been granted to food items during the current financial year.

Mr. Chaudhary said several steps had been taken by the GST Council to improve compliance, including auto population of distance based on the PIN Code in the e-waybill and automatic calculation of interest in the GSTR 3B for the delay in payment of GST liability.

In another question, he said cryptocurrencies were unregulated in India as of now.