Categories: Economy

Gross Direct Tax Mop-Up Grows 24% To Rs 15.67 Lakh Crore, Net Collection Rise 18% So Far In FY23

Gross direct tax collections grew 24 per cent to Rs 15.67 trillion so far this fiscal, the finance ministry said. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 trillion, a growth of 18.40 per cent.

Buy Prime Test Series for all Banking, SSC, Insurance & other exam

ImageImage

More About The Increase In Net Collections:

India's direct tax collections up 24% to Rs 15.67 lakh crore till February 10 - The Economic TimesIndia's direct tax collections up 24% to Rs 15.67 lakh crore till February 10 - The Economic Times

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 Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 trillion.

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 Rs 15.67 trillion which is 24.09 per cent higher than the gross collections for the corresponding period of last year.

About The Other Income Taxes Increase:

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 Rs 2.69 trillion 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.

About The Current Year’s Projection:

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 Rs 14.08 trillion.

You may also read: Gross Direct Tax Collection Registered Growth of 30% in 2022-23

Latest Income Tax Slabs In India, Indian Economy

Sharing is Caring!!!

Piyush Shukla

Recent Posts

Tamil Nadu to Declare May 5 as Traders Day: CM Stalin

Tamil Nadu Chief Minister M.K. Stalin announced that the state will soon officially declare May…

51 mins ago

“International No Diet Day 2025: Celebrating Body Positivity and Rejecting Diet Culture”

Every year on May 6, the world observes International No Diet Day, a global initiative…

55 mins ago

World Athletics Day 2025 Celebrated Globally to Promote Youth Fitness

World Athletics Day 2025, celebrated globally on May 7, continues its tradition of promoting athletic…

58 mins ago

Argentina Mourns the Death of 1978 World Cup Legend Luis Galván

Argentina and the global football community are mourning the loss of Luis Galván, a key…

1 hour ago

Indian States and UTs Sharing Borders with Pakistan

In the context of rising cross-border tensions and recent military responses such as Operation Sindoor,…

1 hour ago

Japan’s Sumitomo Mitsui in Talks for 51% Acquisition of Yes Bank

In a significant development in the Indian banking sector, Japan’s Sumitomo Mitsui Banking Corporation (SMBC)…

1 hour ago