Direct tax collection has increased by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, the finance ministry said. This includes both personal income tax. The surge in the direct tax collection so far this fiscal is a reflection of an uptick in the economy of India. The country recorded a GDP growth of 13.5 per cent during the first quarter ended on June 30, 2022.
Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department. This collection is 37.24 per cent of the total Budget Estimates of Direct Taxes for 2022-23, said the finance ministry in a statement on Thursday.
Refunds amounting to Rs 1.19 lakh crore have been issued from April 1 to September 8, 2022, which are 65.29 per cent higher than refunds issued during the same period in the preceding year, it said. “Direct Tax collections up to September 8, 2022, show that gross collections are at Rs 6.48 lakh crore, which is 35.46 per cent higher than the gross collections for the corresponding period of last year,” said the finance ministry.
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 25.95 per cent while that for PIT (including STT) is 44.37 per cent. After adjustment of refunds, the net growth in CIT collections is 32.73 per cent and that in PIT collections (including STT) is 28.32 per cent, as per data released by the finance ministry. In the last fiscal ended March 31, 2022, India’s direct tax collection rose by a record 49 per cent to Rs 14.10 lakh crore.
The government has estimated to collect Rs 14.20 lakh crore from direct taxes this fiscal. This includes Rs 7.20 lakh crore from corporate taxes and Rs 7 lakh crore from individual taxpayers, the government said.
Meanwhile, the gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28 per cent on a year-on-year basis as per data revealed by the ministry. With this, the monthly GST revenues have exceeded Rs 1.4 lakh crore for six months in a row.
Gross GST revenue collected in August was Rs 1,43,612 crore, out of which CGST was Rs 24,710 crore, SGST was Rs 30,951 crore, IGST was Rs 77,782 crore including Rs 42,067 crore collected on import of goods, and cess was Rs 10,168 crore, including Rs 1,018 crore collected on import of goods.
In August last year, the GST revenues stood at Rs 1,12,020 crore, which is 28 per cent lower than August this year. During the month, revenue from import of goods was 57 per cent higher and the revenue from domestic transactions (including import of services) was 19 per cent higher than the same month last year.