Net direct tax collection so far in the current financial year 2022-23 grew 17 per cent to hit Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full fiscal, the Central Board of Direct Taxes (CBDT) said on Saturday. The growth in direct tax collection, which comprises personal income tax (PIT) and corporate taxes, was driven by PIT collections.
“The provisional figures of direct tax collections up to March 10, 2023, continue to register steady growth. Direct tax collections up to March 10, 2023, show that gross collections are at Rs 16.68 lakh crore, which is 22.58 per cent higher than the gross collections for the corresponding period of last year,” the CBDT said in a statement.
It added that direct tax collection, net of refunds, stands at Rs 13.73 lakh crore, which is 16.78 per cent higher than the net collections for the corresponding period of last year. This collection is 96.67 per cent of the total Budget Estimates and 83.19 per cent of the total revised estimates of direct taxes for FY2022-23.”
The growth rate for corporate income tax (CIT) is 18.08 per cent, while that for PIT (including STT) is 27.57 per cent. After adjustment of refunds, the net growth in CIT collections is 13.62 per cent and that in PIT collections is 20.73 per cent (PIT only)/ 20.06 per cent (PIT including STT).
Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022, to March 10, 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.
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