Tatsat Chronicle Magazine


Direct tax collection for the current fiscal up by 24%, according to latest government figures


The provisional figures of direct tax collections up to  February 10, 2023 shows continued growth. As on Februaryy 10, gross direct tax collections were at ₹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 ₹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 FY 2022-23 and 78.65% of the revised estimates .

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)/ and 21.23% (PIT including STT).

Refunds amounting to ₹2.69 lakh crore have been issued during April 1, 2022 to  February10, 2023, which are 61.58% higher than refunds issued during the same period in the preceding year.

0 0.00