India's Direct Tax Collection For FY23 Up 24.58 Per Cent To Rs 14.71 Lakh Crore Till 10 January
India's gross direct tax collections for the financial year 2022-23 have increased nearly 25 per cent to over Rs 14 lakh crore till 10 January.
"Direct Tax collections up to 10 January 2023 show that gross collections are at Rs 14.71 lakh crore which is 24.58 per cent higher than the gross collections for the corresponding period of last year," the Finance Ministry said citing the latest provisional figures.
After adjusting for refunds, the net direct tax collection stands at Rs 12.31 lakh crore, which is 19.55 per cent higher than the net collections for the corresponding period of last year.
The net collection is 86.68 per cent of the total budget estimates of direct taxes for the current financial year. The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal.
Further, refunds amounting to Rs 2.40 lakh crore have been issued during 1 April 2022 to 10 January 2023, which are 58.74 per cent higher than refunds issued during the same period in the preceding financial year.
On gross basis, collections from corporate income tax (CIT) rose 19.72 per cent, while that for personal income tax (PIT) surged 30.46 per cent.
"After adjustment of refunds, the net growth in CIT collections is 18.33 per cent and that in PIT collections is 21.64 per cent (PIT only) and 20.97 per cent (PIT including Security Transaction Tax)," the ministry said.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.