Gross direct tax collections grew 24 per cent to ₹15.67 lakh crore so far this fiscal, the finance ministry said on Saturday.
After adjusting for refunds, the net direct tax collection stood at ₹12.98 lakh crore, a growth of 18.40 per cent. ALSO READ: GST not payable on govt incentive to banks for promoting RuPay, BHIM-UPI: Finance ministry
The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said.
The revised estimates for the current fiscal pegged direct tax revenues at ₹16.50 lakh crore, higher than the budget estimates of ₹14.20 lakh crore.
“The provisional figures of direct tax collections up to 10th February, 2023 continue to register steady growth. Direct tax collections up to 10th February, 2023 show 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,” Central Board of Direct Taxes (CBDT) said in a statement.
In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 per cent compared to 2021-22 fiscal when the collection was ₹14.08 lakh crore. ALSO READ: Soon, these citizens will get banking services on their doorstep. Details here
Between April to February 10, the growth rate for gross Corporate Income Tax (CIT) and gross Personal Income Tax (PIT) collections was 19.33 per cent and 29.63 per cent respectively.
After adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 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.