The provisional figures of Direct Tax collections up to 8th September, 2022 continue to register steady growth.

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

Direct Tax collection, net of refunds, stands at Rs. 5.29 lakh crore which is 30.17 % higher than the net collections for the corresponding period of last year. This collection is 37.24% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.

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

Direct tax collections show strong year on year growth, with higher refunds and differing corporate versus personal tax trends. Direct Tax collections for FY 2022-23 up to 8 September 2022 are provisionally reported as substantially higher year on year, with gross and net receipts both growing and refunds issued during April-September materially exceeding prior year levels; net collections represent a specified share of the Budget Estimates. Corporate Income Tax and Personal Income Tax (including securities transaction tax) show distinct growth rates in gross receipts and different net growth profiles after refund adjustments.