NEW DELHI: Gross direct tax collections grew 24% to Rs 15.7 lakh crore so far this fiscal, the finance ministry said on Saturday.
After adjusting for refunds, the net direct tax collection stood at Rs 13 lakh crore, a growth of 18.4%. The net collections are about 79% of Revised Estimates of direct tax collection for current fiscal, the CBDT said. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.5 lakh crore, higher than the budget estimates of Rs 14.2 lakh crore.
“The provisional figures of direct tax collections up to 10th February, 2023 continue to register steady growth,” Central Board of Direct Taxes (CBDT) said in a statement.
In the current fiscal, the revenues from direct tax (includes income and corporate taxes) are projected to grow by over 17% compared to 2021-22 fiscal when the collection was Rs 14.1 lakh crore. Between April to February 10, the growth rate for gross Corporate Income Tax (CIT) and gross Personal Income Tax (PIT) collections was 19.3% and 29.6% respectively.
After adjustment of refunds, the net growth in CIT collections is 15.8% and that in PIT collections is 21.2% (PIT including STT). Refunds amounting to Rs 2.7 lakh crore have been issued during April 1, 2022 to February 10, 2023, which are 61.6% higher than refunds issued during the same period in the preceding year.
After adjusting for refunds, the net direct tax collection stood at Rs 13 lakh crore, a growth of 18.4%. The net collections are about 79% of Revised Estimates of direct tax collection for current fiscal, the CBDT said. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.5 lakh crore, higher than the budget estimates of Rs 14.2 lakh crore.
“The provisional figures of direct tax collections up to 10th February, 2023 continue to register steady growth,” Central Board of Direct Taxes (CBDT) said in a statement.
In the current fiscal, the revenues from direct tax (includes income and corporate taxes) are projected to grow by over 17% compared to 2021-22 fiscal when the collection was Rs 14.1 lakh crore. Between April to February 10, the growth rate for gross Corporate Income Tax (CIT) and gross Personal Income Tax (PIT) collections was 19.3% and 29.6% respectively.
After adjustment of refunds, the net growth in CIT collections is 15.8% and that in PIT collections is 21.2% (PIT including STT). Refunds amounting to Rs 2.7 lakh crore have been issued during April 1, 2022 to February 10, 2023, which are 61.6% higher than refunds issued during the same period in the preceding year.
For all the latest business News Click Here
Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
