Direct tax collection up 24 percent to Rs 8.98 lakh crore till October 8

 Direct tax collection up 24 percent to Rs 8.98 lakh crore till October 8

The Finance Ministry on Sunday informed that India's direct tax collection grew by 24 percent to Rs 8.98 lakh crore between April 1 and October 8, 2022. The gross collection of taxes on corporate income grew by 16.74 per cent during April 1 to October.


The Finance Ministry said on Sunday that India's direct tax collection grew by 24 percent to Rs 8.98 lakh crore between April 1 and October 8, 2022.


The gross collection of taxes on corporate income grew by 16.74 per cent during April 1 to October 8, while personal income tax collection grew by 32.30 per cent, PTI quoted the tax department as saying.

Direct tax collection between April 1 and October 8, 2022 stood at Rs 8.98 lakh crore, which is 23.8 percent higher than the gross collection in the same period a year ago.

Taxes on corporate and personal income make up for direct taxes.



The statement said that after adjusting refunds, the direct tax collection stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period a year ago.

This collection is 52.46 per cent of the total budget estimate for direct taxes for the financial year 2022-23.


Tax collection is an indicator of economic activity in any country. But in India, strong tax collection was in spite of slowdown in industrial production and exports.

Some analysts believe that economic growth has lost momentum but corporate profits are keeping the engine running.



The Reserve Bank of India (RBI) last month cut its output of India's GDP growth to 7 per cent from 7.2 per cent in the current fiscal. Other rating agencies have also lowered economic growth forecast for India, citing the impact of geopolitical tensions, tightening global financial conditions and slowing external demand.

"As far as the growth rate of Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collection is concerned, the growth rate for CIT is 16.73 per cent, while the growth rate for PIT (including STT) is 32.30 per cent. . Percentage, "Central Board of


After adjustment for refunds, the net increase in CIT collection was 16.29 per cent and in PIT collection was 17.35 per cent (PIT only)/16.25% (PIT including STT).

It said that refunds of Rs 1.53 lakh crore have been issued during the period April 1, 2022 to October 8, 2022, which is 81 per cent more than the refunds issued during the corresponding period of the previous year.


Merchandise exports have fallen at the pace of last year's buoyancy and declined by 3.5 per cent in September. The trade deficit nearly doubled in the first six months. IIP growth slowed to 2.4 per cent in July, while the 'core sector' fell to a nine-month low of 3.3 per cent in August.

New Delhi, Oct 9 (PTI) Tax collections on corporate and personal income have so far grown by nearly 24 per cent in the current fiscal, which began on April 1.

The tax department said in a statement that during April 1 to October 8, there was a growth of 16.74 per cent in tax collection on corporate income, while 32.30 per cent in personal income tax collection.

Direct tax collection between April 1 and October 8, 2022 stood at Rs 8.98 lakh crore, which is 23.8 percent higher than the gross collection in the same period a year ago.

The tax on corporate and personal income makes up for direct taxes.

The statement said that after adjusting refunds, the direct tax collection stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period a year ago.

This collection is 52.46 per cent of the total budget estimate for direct taxes for the financial year 2022-23.

Tax collection is an indicator of economic activity in any country. But in India, strong tax collection was in spite of slowdown in industrial production and exports. Some analysts believe that economic growth has lost momentum but corporate profits are keeping the engine running.

The Reserve Bank of India (RBI) last month cut its output of India's GDP growth to 7 per cent from 7.2 per cent in the current fiscal. Other rating agencies have also lowered economic growth forecast for India, citing the impact of geopolitical tensions, tightening global financial conditions and slowing external demand.

"As far as the growth rate of Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collection is concerned, the growth rate for CIT is 16.73 per cent, while for PIT (including STT) it is 32.30 per cent. Percentage,” the Central Board of Direct Taxes (CBDT) said.

After adjustment for refunds, the net increase in CIT collection was 16.29 per cent and in PIT collection was 17.35 per cent (PIT only)/16.25% (PIT including STT).

It said that refunds of Rs 1.53 lakh crore have been issued during the period April 1, 2022 to October 8, 2022, which is 81 per cent more than the refunds issued during the corresponding period of the previous year.

Merchandise exports have fallen at the pace of last year's buoyancy and declined by 3.5 per cent in September. The trade deficit nearly doubled in the first six months. IIP growth slowed to 2.4 per cent in July, while the 'core sector' fell to a nine-month low of 3.3 per cent in August.

The levy of tax on goods and services sold (GST) has increased the collection to around Rs 1.45-1.46 lakh crore per month.