Net direct tax collections reach Rs.13.73 lakh crore; 83% of the revised estimate for FY23
On Saturday, the Central Board of Direct Taxes (CBDT) revealed that India’s Direct Tax collections up to March 10, 2023, stood at Rs.16.68 lakh crore which is 22.58 percent higher than the gross collections for the corresponding period of last year.
Direct Tax collection, net of refunds, stands at Rs.13.73 lakh crore which is 16.78 percent higher than the net collections for the corresponding period of last year.
CBDT released the Direct Tax Collections data for FY23 up to March 10, 2023. According to CBDT, the provisional figures of direct tax collections continue to register steady growth.
Gross Direct Tax collections for FY 2022-23 upto 10th March, 2023 are at Rs. 16.68 lakh crore, higher by 22.58% over gross collections for corresponding period of preceding yr.
Net collections at Rs. 13.73 lakh crore are 16.78% higher than net collections for same period last yr pic.twitter.com/wtxMsqm1LG— Income Tax India (@IncomeTaxIndia) March 11, 2023
As per the CBDT, Department of Revenue, this collection is 96.67 percent of the total Budget Estimates and 83.19 percent of the Total Revised Estimates of Direct Taxes for FY 2022-23.
As per the Income Tax Department, so 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 18.08 percent, and that for PIT (including STT) is 27.57 percent.
After the adjustment of refunds, the net growth in CIT collections is 13.62 percent and that in PIT collections is 20.73 percent (PIT only)/ 20.06 percent (PIT including STT).
As per the data, refunds amounting to Rs.2.95 lakh crore have been issued from April 1, 2022, to March 10, 2023, 59.44 percent higher than the same period in the preceding year.
[With Inputs from IANS]
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