Advance tax collection up by 22% in Q2FY23

Total advance tax collection grew by 22 per cent to Rs.1.8 trillion during July-September 2022 as compared to Rs.1.5 trillion tax collected in the same period a year ago, as per a government official. This is preliminary data and the final collection number is likely to be higher as payments are still getting reconciled. The official further stated that corporate advance tax collection for the quarter under review, rose by 22.6 per cent to Rs.1.3 trillion as compared to Rs.1.06 trillion mopped up during the corresponding period of the previous fiscal.