Direct Tax
Direct Tax collections grow 24.58 pc y-o-y to Rs 14.71 lakh crore
New Delhi/IBNS: Direct Tax collections up to January 10, 2023, stood at Rs. 14.71 lakh crore, up 24.58% compared to gross collections for the corresponding period of last year, the Ministry of Finance said on Wednesday.
Direct Tax collection, net of refunds, stands at Rs 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year, it said.
This collection is 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.
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 19.72% while that for PIT (including STT) is 30.46%.
After the adjustment of refunds, the net growth in CIT collections is 18.33% and that in PIT collections is 21.64% (PIT only)/ 20.97% (PIT including STT).
The ministry said refunds amounting to Rs 2.40 lakh crore have been issued from April 1, 2022, to January 10, 2023, which are 58.74% higher than refunds issued during the same period in the preceding year.
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