edited by: Mohammad Haris
Last Update: January 12, 2023, 11:39 am IST
On a gross basis, collections from corporate income tax (CIT) grew by 19.72 per cent, while personal income tax (PIT) grew by 30.46 per cent.
After adjusting refunds, the net increase in CIT collections is 18.33 per cent and that in PIT (including Securities Transaction Tax) is 20.97 per cent.
India’s gross direct tax collection According to the latest government data, it is set to grow by 24.58 per cent to Rs 14.71 lakh crore during the current financial year 2022-23 till January 10, buoyed by a jump in personal income tax mop-ups.
After adjusting the refunds, the net direct tax collection stood at Rs 12.31 lakh crore, which was 19.55 per cent higher than the net collection for the same period last year. The net collection of direct taxes for the current financial year is 86.68 per cent of the total budget estimates. In the budget, the direct tax collection for this financial year was estimated to be Rs 14.20 lakh crore.
On a gross basis, collections from corporate income tax (CIT) grew by 19.72 per cent, while personal income tax (PIT) grew by 30.46 per cent.
“The provisional figure of direct tax collections till January 10, 2023, is registering a steady growth. The direct tax collection till January 10, 2023 shows that the gross collection is Rs 14.71 lakh crore, which is 24.58 per cent higher than the gross collection for the same period last year. Statement.
After adjusting refunds, the net increase in CIT collections is 18.33 per cent and that in PIT (including Securities Transaction Tax) is 20.97 per cent.
Refunds worth Rs 2.40 lakh crore have been issued between April 1, 2022 and January 10, 2023, which is 58.74 per cent higher than the refunds issued during the same period last year.
Net direct tax collection till 11 November in the current financial year 2022-23 India Year-on-Year (YoY) had jumped 24.26 per cent to Rs 8.77 lakh crore, thus showing a steady growth. This was 61.79 per cent of the total budget estimate for direct taxes for FY23.
Tax collection is an indicator of economic activity in any country. Direct tax collection is estimated to be Rs 14.20 lakh crore in the budget in this financial year, which is more than Rs 14.10 lakh crore in the previous financial year (2021-22). For direct taxes, tax is made on corporate and personal income.
(With inputs from PTI)
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