India’s direct tax collections jumps 25.7% so far in FY2022-23

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Direct tax collection in India jumped 25.7% this financial year as of Nov. 10, a government statement said.

Direct Tax collection, net of refunds, stands at Rs 8.71 lakh crore which is 25.71 % higher than the net collections for the corresponding period of last year. This collection is 61.31% of the total Budget Estimates of Direct Taxes for FY2022-23.

The gross direct tax collections were at Rs 10.54 lakh crore which was 30.69% higher than the corresponding period of last year.

The growth rate for Corporate Income Tax (CIT) was 22.03% while that for Personal Income Tax (PIT) was 40.64% in terms of gross revenue collections.

After adjustment of refunds, the net growth in CIT collections was 24.51% and that in PIT collections was 28.06% (PIT only) and 27% (PIT including STT).

Refunds amounting to Rs 1.83 lakh crore have been issued during April 1, 2022 to November 10, 2022, which were 61.07% higher than refunds issued during the same period in the preceding year.