The collection is 96.7% of the budget estimate for FY23 and 83.2% of the upward revised estimate for the year, the Central Board of Direct Taxes (CBDT) said in a statement.
In the budget, the government had revised the direct tax target to ₹16.50 lakh crore, from ₹14.20 lakh crore estimated initially.
While many economists and rating agencies such as ICRA have predicted some “shortfall” in revised direct tax collection, officials are confident of achieving the target.
The deadline for the final instalment of advance tax collection is March 15.
Revenue will likely go up as many companies pay the entire tax liability in the fourth instalment, making up for any shortfall in the first three instalments.
The cumulative advance tax collection for the first, second, and third quarters stood at ₹5.21 lakh crore, showing a 12.8% rise from a year earlier.Gross corporate income tax (CIT) rose 18.1% while personal income tax (PIT) including securities transaction tax surged 27.6%.
After adjusting for refunds, the net growth in CIT collection was 13.6% while that in PIT collection was 20.1%.
The government has issued refunds amounting to ₹2.95 lakh crore till March 10, 59.4% higher than refunds issued during the same period in the preceding year.
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