India’s Net Direct Tax collection, net of refunds, witnessed a 16.78 per cent jump to Rs 13.73 lakh crore up to Friday, March 10. The Central Board of Direct Taxes (CBDT) on Saturday said that provisional figures of direct tax collections continue to register steady growth.
The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections.
Direct Tax collections up to March 10 show that gross collections are at Rs 16.68 lakh crore which is 22.58 per cent higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, came at Rs 13.73 lakh crore, up 16.78 per cent than the net collections for the corresponding period of last year.
Notably, this collection is 96.67 per cent of the total Budget estimates and 83.19 per cent of the total revised estimates of direct taxes for the financial year 2022-23.
In FY23 till March 10, refunds amounting to Rs 2.95 lakh crore have been issued, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.
Corporate and Personal Income Tax Growth
So far, the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is 18.08 per cent and 27.57 per cent, respectively. After adjustment of refunds, the net growth in CIT collections is 13.62 per cent and that in PIT collections is 20.73 per cent. The growth in PIT is 20.06 per cent when Securities Transaction Tax (STT) is included.
Meanwhile, the GST collection for February 2023 stood at Rs 1.49 lakh crore – 12 per cent higher than the GST revenues in February 2022. According to the details shared by the ministry, the monthly GST revenues have been more than Rs 1.4 lakh crore for 12 straight months in a row.
