Direct Tax Collections for F.Y. 2022-23 up to 10.01.2023

Gross collections at Rs. 14.71 lakh crore 24.58% higher than the corresponding period of last year

Net collection 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23

The provisional figures of Direct Tax collections up to 10^th January, 2023 continue to register steady growth. Direct Tax collections up to 10^th January, 2023 show that gross collections are at Rs. 14.71 lakh crore which is 24.58% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year. This collection is 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 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 19.72% while that for PIT (including STT) is 30.46%. After adjustment of refunds, the net growth in CIT collections is 18.33% and that in PIT collections is 21.64% (PIT only)/ 20.97% (PIT including STT).

Refunds amounting to Rs. 2.40 lakh crore have been issued during 1^st April, 2022 to 10^th January 2023, which are 58.74% higher than refunds issued during the same period in the preceding year.

Direct tax collections show sustained year on year growth and account for a large share of budgeted direct tax estimates. Direct tax receipts for F.Y. 2022-23 through 10 January 2023 show year on year expansion with gross collections notably higher and net collections after refunds constituting a substantial share of the Budget Estimates. The summary reports percentage growth differentials for Corporate Income Tax and Personal Income Tax (gross and after refunds) and notes that refunds issued in the period are markedly higher than in the same period of the prior year.