Direct Tax Collections Surge 35.46 Per Cent To Rs 6.48 Lakh Crore

Direct Tax Collections Surge 35.46 Per Cent To Rs 6.48 Lakh Crore

by Swarajya Staff - Sep 10, 2022 09:48 AM +05:30 IST
Direct Tax Collections Surge 35.46 Per Cent To Rs 6.48 Lakh CroreCentral Board of Direct Taxes headquarters (Representative image)

Direct tax collections have surged nearly 35.5 per cent to around Rs 6.5 lakh crore so far in the ongoing financial year.

"Direct Tax collections up to 8th September, 2022 show that gross collections are at Rs 6.48 lakh crore, which is 35.46 per cent higher than the gross collections for the corresponding period of last year," the Finance Ministry said in a release on Friday (9 September).

Net collections, after factoring in returns, are estimated to have increased by over 30 per cent to around Rs 5.3 lakh crore.

This collection is 37.24 per cent of the total budget estimates of direct taxes for Financial Year 2022-23, the Finance Ministry said.

"Refunds amounting to Rs 1.19 lakh crore have been issued during 1st April, 2022 to 8th September, 2022, which are 65.29 per cent higher than refunds issued during the same period in the preceding year," the ministry said.

As 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 25.95 per cent while that for PIT (including STT) is 44.37 per cent.

After adjustment of refunds, the net growth in CIT collections is 32.73 per cent and that in PIT collections (including STT) is 28.32 per cent, the ministry said.

The government has estimated to collect Rs 14.20 lakh crore from direct taxes this fiscal, including Rs 7.20 lakh crore from corporate taxes and Rs 7 lakh crore from individual taxpayers, reports MoneyControl.

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