India’s Direct Tax Collections Up by 24.09%; Personal Income Tax Sees 29.63% Growth; Check Details
Last Updated: February 11, 2023, 14:15 IST
This collection is 91.39% of the total Budget Estimates of Direct Taxes for FY 2022-23 and 78.65% of the Revised Estimates of Direct Taxes for FY 2022-23.
Direct Tax collection, net of refunds, stands at Rs. 12.98 lakh crore which is 18.40% higher than the net collections for the corresponding period of last year.
Ministry of Finance released the provisional figures of Direct Tax collections up to February 10, 2023.
Direct Tax Collections for FY 2022-23 stood at Rs 15.67 lakh crore, which is 24.09% higher than gross collections for corresponding period of last year as on February 10, 2023, the ministry stated in a PIB release.
Direct Tax collection, net of refunds, stands at Rs. 12.98 lakh crore which is 18.40% higher than the net collections for the corresponding period of last year.
This collection is 91.39% of the total Budget Estimates of Direct Taxes for FY 2022-23 and 78.65% of the Revised Estimates of Direct Taxes for FY 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 19.33% while that for PIT (including STT) is 29.63%.
After adjustment of refunds, the net growth in CIT collections is 15.84% and that in PIT collections is 21.93% (PIT only)/ 21.23% (PIT including STT).
Refunds amounting to Rs. 2.69 lakh crore have been issued during April 01, 2022 to February 10, 2023, which are 61.58% higher than refunds issued during the same period in the preceding year.
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