• Direct tax collection, net of refunds, is ₹12.31 lakh crore, up 19.55% over the net collection for the same period last year
The gross collection of direct taxes stood at ₹14.71 lakh crore till January 10 of this financial year, registering a growth of 24.58%, a government data showed on Wednesday.
“The direct tax collection till January 10, 2023 shows that the gross collection is at Rs. 14.71 lakh crore which is 24.58% higher than the gross collection for the same period last year," the finance ministry said.
Direct tax collections, net of refunds, are ₹12.31 lakh crore, a 19.55% increase over the net collections for the same period last year. This collection is 86.68% of the total budget estimate of direct taxes for the financial year 2022-23.
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 19.72% while for PIT (including STT) it is 30.46%. After adjusting for refunds, the net increase in CIT collection is 18.33% and in PIT collection is 21.64% (PIT only)/20.97% (PIT including STT).
Refunds amounting to ₹2.40 lakh crore have been issued during April 1, 2022 to January 10, 2023, which is 58.74% higher than refunds issued during the same period last year.
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