India's net direct tax collection grew 17% to ₹13.73 lakh crore till 10 March
1 min read . Updated: 11 Mar 2023, 12:23 PM IST
Premium- The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by Personal Income Tax collections
India's net direct tax collections, between 1 April, 2022, and 10 March, 2023, rose 17 per cent to ₹13.73 lakh crore, which is 83 per cent of the revised target for the full financial year, the Central Board of Direct Taxes (CBDT) said on Saturday.
Refunds amounting to ₹2.95 lakh crore have been issued during 1 April last year till 10 March, 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.
Direct tax collection, net of refunds, came in 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 growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by Personal Income Tax (PIT) collections.
On a gross basis, the collection rose 22.58 per cent to ₹16.68 lakh crore.
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 the financial year 2022-23, the CBDT said in an official release.
After adjustment of refunds, the net growth in CIT (Corporate Income Tax) collections is 13.62 per cent and that in PIT collections including STT (Securities Transaction Tax) is 20.06 per cent, the statement said.
The Central Government is most likely to achieve its revised direct tax collection target of ₹16.5 lakh crore in 2022-23.
Usually in March, tax collections increase remarkably due quarterly and yearly closures, and the government would hope to achieve the revised target for the year.
