Direct tax collection, net of refunds, stands at Rs. 12.31 lakh crore, which is 19.55 % higher than the net collections for the corresponding period of last year.
“This collection is 86.68% of the total Budget Estimates of Direct Taxes for FY 2022-23,” the ministry of finance said in a release.
“So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 19.72% while that for PIT (including STT) is 30.46%. After adjustment of refunds, the net growth in CIT collections is 18.33% and that in PIT collections is 21.64% (PIT only)/ 20.97% (PIT including STT),” stated the release.
Refunds amounting to Rs. 2.40 lakh crore have been issued during 1st April, 2022 to 10th January 2023, which are 58.74% higher than refunds issued during the same period in the preceding year, it said.
