Tatsat Chronicle Magazine

Direct Tax Collection For The Current Fiscal Up By 24%, According To Latest Government Figures

February 13, 2023

The provisional figures of direct tax collections up to  February 10, 2023 shows continued growth. As on February 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.