Direct Tax Collections for 2022-23 is 24.09% higher than corresponding period of last year

Jubilee News Desk

The provisional figures of Direct Tax collections up to 10^th February, 2023 continue to register steady growth. Direct Tax collections up to 10^th 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 1^st April, 2022 to 10^th February 2023, which are 61.58% higher than refunds issued during the same period in the preceding year.