Tax refunds worth Rs 2.95 lakh crore have been issued from April 1, 2022 to March 10, 2023.
The growth rate for Corporate Income Tax is 18.08 per cent, while for PIT (including STT) it is 27.57 per cent.
The Central Board of Direct Taxes (CBDT) said that the net direct tax collection so far in the current financial year 2022-23 has increased by 17 percent to Rs 13.73 lakh crore, which is 83 percent of the revised target for the entire financial year. Saturday. The growth in direct tax collections, which include personal income tax (PIT) and corporate tax, was driven by PIT collections.
“The provisional figures of direct tax collections till March 10, 2023 continue to register steady growth. The direct tax collections till March 10, 2023, show that the gross collection is Rs 16.68 lakh crore, which is 22.58 per cent higher than the gross collection for the same period last year, the CBDT said in a statement.
It said that the direct tax collection, net of refunds, is Rs 13.73 lakh crore, which is 16.78 per cent higher than the net collection for the same period last year. This collection is 96.67 percent of the total budget estimates and 83.19 percent of the total revised estimates of direct taxes for the financial year 2022-23.
The growth rate for Corporate Income Tax (CIT) is 18.08 per cent, while for PIT (including STT) it is 27.57 per cent. After adjusting for refunds, the net increase in CIT collection is 13.62 per cent and in PIT collection is 20.73 per cent (PIT only)/20.06 per cent (PIT including STT).
Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which is 59.44 per cent higher than the refunds issued during the same period last year.
read all latest business news Here
