India’s net direct tax collections up 17% to Rs 13.73 lakh crore till March 10

The net direct tax collection for the fiscal year 2022-23 has so far grown by 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial 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 FY23.

The gross collections are 22.58 per cent higher than the gross collections for the corresponding period of last year, the Central Board of Direct Taxes (CBDT) said on Saturday.

The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by Personal Income Tax (PIT) collections.

Refunds amounting to Rs 2.95 lakh crore have been issued from 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, the CBDT added.

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.

After adjustment of refunds, the net growth in CIT (Corporate Income Tax) collections is 13.62 per cent and that in PIT (Personal Income Tax) collections including STT (Securities Transaction Tax) is 20.06 per cent, it said.