Direct tax collections for FY23 up 24.09% at Rs15.67 lakh crore
13 Feb 2023
Direct tax collections, up to 10 February 2023, for the current financial year (April-March 2022-23) show that gross collections are at Rs15.67 lakh crore, which is 24.09 per cent higher than the gross collections for the corresponding period of the previous fiscal. Direct tax collection for the current financial year (up to 10 February 2023), net of refunds, increased by 18.40 per cent year-on-year to Rs12.98 lakh crore, provisional figures of direct tax collections showed.
Direct tax collections continue to register steady growth, as per finance ministry figures.
At Rs12.98 lakh crore direct tax collection, net of refunds, is 91.39 per cent of the total Budget Estimates of direct taxes for FY23 and 78.65 per cent of the Revised Estimates of direct taxes for FY23.
As far as the growth rate of corporate income tax (CIT) and personal income tax (PIT), gross revenue collections of PIT increased by 19.33 per cent (including STT) to 29.63 per cent. After adjustment of refunds, the net CIT collections grew at 15.84 per cent while PIT collections increased by 21.93 per cent while PIT collections, including STT grew at 21.23 per cent.
"The provisional figures of direct tax collections up to 10 February 2023 continue to register steady growth. Direct tax collections up to 10 February 2023 show that gross collections are at Rs15.67 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) stated in a release.
In the current fiscal (2022-23), revenue 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 Rs14.08 lakh crore.
Between 1 April 2022 and 10 February 2023, 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 Rs2.69 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.