Direct tax collection rises 22% to Rs 10.60 lakh crore this fiscal
According to the data released by the Ministry of Finance, collection from direct tax rose 17.59% to Rs 12.37 lakh crore on a gross basis.
The provisional figures of Direct Tax collections up to 10 February continue to register steady growth.
These collections till 10 February show that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs 12.98 lakh crore which is 18.40 per cent higher than the net collections for the corresponding period of last year.
This collection is 91.39 per cent of the total Budget Estimates of Direct Taxes for 2022-23 and 78.65 per cent of the Revised Estimates of Direct Taxes for 2022-23.
Advertisement
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 19.33 per cent while that for PIT (including STT) is 29.63 per cent. After the adjustment of refunds, the net growth in CIT collections is 15.84% and that in PIT collections is 21.93 per cent (PIT only)/ 21.23 per cent (PIT including STT).
Refunds amounting to Rs. 2.69 lakh crore have been issued from 1 April 2022 to 10 February 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding year.
Advertisement
