Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr

The provisional figures of Direct Tax collections up to February 10, continue to register steady growth.

Direct Tax collections up to February 10 showed that gross collections are at ₹15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year.

According to the Ministry of Finance, Direct Tax collection, net of refunds, stands at ₹12.98 lakh crore which is 18.40 per cent higher than the net collections for the corresponding period of last year.

This collection is 91.39 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2022-23 and 78.65 per cent of the Revised Estimates of Direct Taxes for FY 2022-23.

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 19.33 per cent, while that for PIT (including STT) is 29.63 per cent. After adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent (PIT only)/ 21.23 per cent (PIT including STT).

Refunds amounting to ₹2.69 lakh crore have been issued during April 1, 2022 to February 10, 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding year, said the Ministry.
SEE ALSO:
Kotak Mahindra Bank acquires microfinance institution Sonata Finance for ₹537 crore
Demand-supply mismatch pushes home rents across India by 13.5% in 2022: Magicbricks