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.

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More About The Increase In Net Collections:

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.