India's Direct Tax Collection For FY23 Up 22.58 Per Cent To Rs 16.68 Lakh Crore Till 10 March
Tax collections (Representative Image)India's gross direct tax collections for the financial year 2022-23 have increased 22.58 per cent to over Rs 16.68 lakh crore till 10 March.
"Direct Tax collections up to 10 March 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," Union Finance Ministry said citing the latest provisional figures.
After adjusting for refunds, the net direct tax collection 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.
The net collection is 96.67 per cent of the total budget estimates and 83..19 per cent of total revised estimated 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 2.95 lakh crore have been issued during 1 April 2022 to 10 March 2023, which are 59.44 per cent higher than refunds issued during the same period in the previous financial year.
On gross basis, collections from corporate income tax (CIT) rose 18.08 per cent, while that for personal income tax (PIT) surged 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)." the ministry said.
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