From April 1 to June 16, Net direct tax collection surged 45% to Rs 3.39 trillion in the fiscal year compared with Rs 2.33 trillion a year earlier, the Central Board of Direct Taxes (CBDT) said on Friday.

Withholding tax in the first quarter of this fiscal exceeded Rs 1.01 trillion compared to Rs 75,783 crore in the same period of the previous fiscal. This is a 33% increase.

Businesses paid Rs 78,842 crore, and individuals received Rs 22,175 crore. The direct tax agency said it expected the amount to increase as more information was received from the bank.

Total direct tax revenue before fiscal rebate adjustment was Rs 3.69 trillion compared to Rs 2.64 trillion a year earlier. That’s a 40% surge. This includes Rs 1.9 trillion in corporate and personal income tax including Rs 1.78 trillion in securities transaction tax.

The poll also included 2.29 trillion rupees in tax relief. This compares to Rs 1.57 trillion in the same period last fiscal, an increase of nearly 46%. Other components such as self-assessment tax are Rs 21,849 crore.

Periodic assessment tax is Rs 10,773 crore, and distributed profits tax is Rs 5,529 crore. Other minors are taxed at Rs 715 crore. Refunds of Rs 30,334 crore have been issued so far in the first quarter.

In the budget estimate for FY23, taxes (direct and indirect) are projected at Rs 27.58 trillion. This was a 9.6% increase from the previous year’s revised Rs 25.16 trillion.