India's Direct Tax Collections Rise 23.8 Per Cent To Rs 8.98 Lakh Crore Till 8 October: Finance Ministry

by Swarajya Staff - Oct 10, 2022 08:28 AM +05:30 IST
India's Direct Tax Collections Rise 23.8 Per Cent To Rs 8.98 Lakh Crore Till 8 October: Finance MinistryThe Income Tax Department.

India's gross Direct tax collections have surged nearly 24 per cent to Rs 8.98 lakh crore so far in the ongoing financial year.

"Direct Tax collections up to 8th October, 2022 show that gross collections are at Rs. 8.98 lakh crore which is 23.8 per cent higher than the gross collections for the corresponding period of last year," the Finance Ministry said in a release on Sunday (9 October).

Net direct tax collections, after factoring in refunds, are estimated to have increased by over 16.3 per cent to around Rs 7.45 lakh crore.

This collection is 52.46 per cent of the total budget estimates of direct taxes for Financial Year 2022-23, the Finance Ministry said.

"Refunds amounting to Rs.1.53 lakh crore have been issued during the period 1st April, 2022 to 8th October 2022, which are 81.0 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 32.30 per cent.

After adjustment of refunds, the net growth in CIT collections is 16.29 per cent and that in PIT collections is 17.35 per cent (PIT only)/16.25 per cent (PIT including STT), 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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