Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by Rs 2.41 lakh crore i.e. by 16.97%

Direct Tax collections (provisional) for the FY 2022-23 exceed Revised Estimates by 0.69%

Gross Direct Tax collections (provisional) for the FY 2022-23 stand at Rs. 19.68 lakh crore registering a growth of 20.33%

Net Direct Tax collections (provisional) for the FY 2022-23 stand at Rs. 16.61 lakh crore marking a growth of 17.63%

Refunds aggregating to Rs. 3,07,352 crore issued in FY 2022-23

The provisional figures of Direct Tax collections for the Financial Year (FY) 2022-23 show that Net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2022-23 were fixed at Rs.14.20 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs.16.50 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 16.97% and RE by 0.69 %.

The Gross collection (provisional)  of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs. 19.68 lakh crore showing a growth of 20.33 % over the gross collection of Rs.16.36 lakh crore in FY 2021-22.

The gross Corporate Tax collection (provisional) in FY 2022-23 is at Rs.10,04,118 crore and has shown a growth of 16.91% over the gross corporate tax collection of Rs.8,58,849 crore of the preceding year.

The gross Personal Income Tax collection (including STT) (provisional) in FY 2022-23 is at Rs.9,60,764 crore and has shown a growth of 24.23% over the gross Personal Income Tax collection (including STT) of Rs.7,73,389 crore of the preceding year.

Refunds of Rs.3,07,352 crore have been issued in the FY 2022-23 showing an increase of 37.42 % over the refunds of Rs.2,23,658 crore issued in FY 2021-22.

Direct tax collections exceed budget and revised estimates, driven by corporate and personal income tax growth affecting net revenue. Provisional direct tax receipts for FY 2022-23 exceeded the Union Budget Estimates and Revised Estimates, with net and gross collections both recording year on year growth. Corporate tax and personal income tax were the main drivers of gross collection growth, while increased refunds materially affected net realizations, yielding an operational revenue profile comparing gross receipts, refunds and net collections against prior year and budget projections.