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"The centre's gross tax collections have shown healthy growth so far and is expected to surpass the full year budgeted target despite the custom and excise duty cuts," the ratings agency's Chief Economist Rajani Sinha said. While the scenario is optimistic on the tax collections front, the non-tax revenue could see some shortfall primarily due to lower dividend transfer from the RBI in the current fiscal, she added.

Some of the major changes made for the benefit of taxpayers include making the offence punishable under Section 276 of the Act as compoundable. Further, the scope of eligibility for compounding of cases has been relaxed whereby the case of an applicant who has been convicted with imprisonment for less than 2 years being previously non-compoundable, has now been made compoundable.

It also said that income tax refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases. "CBDT issues refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers between April 1, 2022 to August 31, 2022. Income tax refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases," the CBDT said.

Non-debt capital receipts consist of recovery of loans of Rs 5,559 crore and miscellaneous capital receipts of Rs 24,560 crore. An amount of Rs 2,01,108 crore has been transferred to state governments as devolution of share of taxes by the Centre up to July, 2022, which is Rs 36,044 crore higher than the previous year. Total expenditure incurred by the government till July 2022 was Rs 11,26,745 crore, out of which Rs 9,18,075 crore is on revenue account and Rs 2,08,670 crore is on capital account.

The rise in revenue can be witnessed on back of healthy tax buoyancy, with Goods and Services Tax (GST) collections and devolutions from the Centre, together comprising 43-45 per cent of the states' revenue, expected to show robust double-digit growth this fiscal. The above mentioned India's top 17 states, accounts for 85-90 per cent of aggregate gross state domestic product.

"During 2021-22 fiscal, corporate tax collections stood at Rs 7.23 lakh crore, a 58% growth over 2020-21 mop up. Even when compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over 9%, it tweeted. The corporate tax collections during FY 2022-23 (till 31st July, 2022) register a robust growth of 34% over the corporate tax collections in the corresponding period of FY 2021-22," Income Tax Department said without giving an absolute figures.

Of the total amount raise in July, Housing Development Finance Corp (HDFC) raised highest amount of Rs 14,111 crore, followed by Small Industries Development Bank of India (SIDBI) who raised Rs 6,905 crore, LIC Housing Finance companies raised Rs 6,150 crore, National Bank for Agriculture and Rural Development (NABARD) raised Rs 3,000 crore and Bajaj Housing Finance raised Rs 2,050 crore, Prime database data showed.