Direct Tax Gross Collection Rises By 35.46 Percent

With a steady growth, the net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, as per a government data. This collection is 37.24 per cent of the total budget estimates of direct taxes for FY2022-23

The provisional figures of Direct Tax collections up to 8th September, 2022 show that gross collections are at Rs 6.48 lakh crore, which is 35.46 per cent higher than the gross collections for the corresponding period of last year.

With a steady growth, the net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, as per a government data. This collection is 37.24 per cent of the total budget estimates of direct taxes for FY2022-23.

The data said that refunds amounting to Rs 1.19 lakh crore have been issued during 1st April, 2022 to 8th September, 2022, which are 65.29 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 25.95 per cent while that for PIT (including STT) is 44.37 per cent. After adjustment of refunds, the net growth in CIT collections is 32.73 per cent and that in PIT collections (including STT) is 28.32 per cent.