Direct Tax Collections Up By 24.58% For FY23 Till 10 January, 2023
Direct Tax collection, net of refunds, stands at Rs 12.31 lakh crore which is 19.55 per cent higher than the net collections for the corresponding period of last year
The Centre on Wednesday said provisional figures of Direct Tax collections up to 10th January, 2023 continues to register steady growth. Direct Tax collections up to 10 January, 2023 showed that gross collections are at Rs. 14.71 lakh crore, which is 24.58 per cent higher than the gross collections for the corresponding period of last year.
Direct Tax collection, net of refunds, stands at Rs 12.31 lakh crore which is 19.55 per cent higher than the net collections for the corresponding period of last year. This collection is 86.68 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23, said Centre.
As 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 per cent while that for PIT (including STT) is 30.46 per cent. After adjustment of refunds, the net growth in CIT collections is 18.33 per cent and that in PIT collections is 21.64 per cent (PIT only)/ 20.97 per cent (PIT including STT).
Refunds amounting to Rs 2.40 lakh crore have been issued during 1 April, 2022 to 10 January 2023, which are 58.74 per cent higher than refunds issued during the same period in the preceding year.