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Direct Tax Collections for F.Y. 2022-23 at ₹15.67 lakh crore - 24.09% higher than gross collections for corresponding period of last year as on 10.02.2023
Direct Tax collection, net of refunds, stands at ₹12.98 lakh crore - 18.40% higher than net collections for corresponding period of last year
The provisional figures of Direct Tax collections up to 10th February, 2023 continue to register steady growth. Direct Tax collections up to 10th February, 2023 show that gross collections are at Rs. 15.67 lakh crore which is 24.09% higher than the gross collections for the corresponding period of last year. 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 F.Y. 2022-23 and 78.65% of the Revised 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 19.33% 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 1st April, 2022 to 10th February 2023, which are 61.58% higher than refunds issued during the same period in the preceding year.
Direct tax collection growth continues, showing substantial year on year increases and strong progress toward budget targets. Direct tax collections for 2022-23 up to 10 February 2023 show substantial year on year growth in gross and net receipts, representing a significant share of the year's Budget and Revised Estimates. Corporate Income Tax grew at a slower rate than Personal Income Tax (including securities transaction tax), net growth remained positive after refunds, and refunds issued during the period rose materially compared with the prior year. of Press 'Enter' after typing page number.
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