India’s direct tax collections surge by 24% YoY to Rs.15.67 lakh cr till February 10

The Budget 2023 estimated tax revenue of Rs 33.6 trillion for FY24, which is 10.4% higher than Rs 30.4 trillion projected in the revised estimates for FY23

PGurus Newsdesk

February 11, 2023

The Budget 2023 estimated tax revenue of Rs 33.6 trillion for FY24, which is 10.4% higher than Rs 30.4 trillion projected in the revised estimates for FY23

The direct tax collection after the net of refunds stood at Rs.12.98 lakh cr which is 18.40 percent higher YoY

On Saturday the Ministry of Finance in a press release said that the gross direct tax collections till February 10, stood at Rs.15.67 lakh crore, 24.09 percent higher than gross collections for the corresponding period of last year. The provisional figures of direct tax collections up to February 10 showed steady growth, the Ministry said.

According to the latest figures released by the Ministry of Finance that the direct tax collection after the net refunds stood at Rs.12.98 lakh crore which is 18.40 percent higher than the net collections for the corresponding period of last year.

This collection is 91.39 percent of the total Budget estimates of direct taxes for the fiscal year 2022-23 and 78.65 percent of the revised estimates of direct taxes for the fiscal year 2022-23, the Ministry said.

So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is 19.33 percent and 29.63 percent respectively. After the adjustment of refunds, the net growth in CIT collections is 15.84 percent and that in PIT collections is 21.93 percent.

The Ministry said, “The growth rate for CIT is 19.33 percent while that for PIT (including STT) is 29.63 percent. After adjustment of refunds, the net growth in CIT collections is 15.84 percent and that in PIT collections is 21.93 percent (PIT only)/ 21.23 percent (PIT including STT).”

Refunds amounting to Rs.2.69 lakh crore have been issued from April 1, 2022, to February 10, 2023, which are 61.58 percent higher than refunds issued during the same period in the preceding year.

The Budget 2023 estimated tax revenue of Rs.33.6 trillion for FY24, which is 10.4 percent higher than the Rs.30.4 trillion projected in the revised estimates for the current financial year (FY23). The government had projected a tax revenue target of Rs.27.5 trillion for FY23. The direct tax component for the Budget 2023 is estimated at Rs.18.23 trillion. This includes corporation tax of Rs.9.2 trillion and income tax of Rs 9 trillion.

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