India’s gross direct tax collections till January 10 this year stood at Rs 14.71 lakh crore, showing a rise of nearly 25 percent over the corresponding period a year ago.
In the year ago, net direct tax collection recorded at Rs 12.31 lakh crore after adjusting tax refunds. Even that figure was 19.55 percent higher than the net collections for the previous year.
So far, net collection stands at 86.68 percent of the total budget estimates of direct taxes for the ongoing fiscal. The Union Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal.
Collections from corporate income tax (CIT) on gross basis rose 19.72 percent. Collections for personal income tax (PIT) advanced 30.46 percent.
“The provisional figures of direct tax collections up to 10th January, 2023 continue to register steady growth. Direct tax collections up to 10th January, 2023 show that gross collections are at Rs 14.71 lakh crore which is 24.58 per cent higher than the gross collections for the corresponding period of last year,” the Central Board of Direct Taxes (CBDT) said in a statement.
After adjusting refunds, the net growth in CIT collections stands at 18.33 percent and that in PIT (including securities transaction tax) is 20.97 percent.
The tax department has issued refunds worth Rs 2.40 lakh crore between April 1, 2022, to January 10, 2023, which are 58.74 percent higher than refunds issued during the same period last year.
