Tax Reform
The government’s new Income Tax Bill promises to streamline taxation with simpler language and fewer sections.
Gross Direct Tax collection for financial year (FY) 2022-23) up to October 8 stood at Rs 8.98 lakh crore, which is 23.8 per cent higher than the gross collection for the corresponding period of previous year, Income tax department said in a statement.
After the net refunds, Direct tax collection, stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year, it added.
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Moreover, Income Tax India said in a tweet that this collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23.
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Gross Direct Tax collections for FY 2022-23 upto 8th October, 2022 are at Rs. 8.98 lakh crore, higher by 23.8% over gross collections for corresponding period of preceding yr.
Net collections at Rs. 7.45 lakh crore are 16.3% higher than net collections for same period last yr. pic.twitter.com/eyMRvzzNTv
— Income Tax India (@IncomeTaxIndia) October 9, 2022
Refunds amounting to Rs 1.53 lakh crore have been issued between April 1 and October 8, which are 81 per cent higher than refunds issued during the same period in the preceding year.
So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 16.73 per cent, while that for PIT (including STT) is 32.30 per cent.
After the adjustment of refunds, the net growth in CIT collections is 16.29 per cent and that in PIT collections is 17.35 per cent.
(with inputs from Agencies)
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