Gross direct tax collections in India grow by 24.58%

Business Thursday 12/January/2023 09:30 AM
Gross direct tax collections in India grow by 24.58%

New Delhi: According to government data, the country's gross direct tax collection of the current fiscal year (FY23) till January 10 went up 24.58 per cent to Rs 14.71 lakh crore, against the gross collections made in the corresponding period the previous fiscal.

According to the statement from the finance ministry, the provisional figures of direct tax collections up to January 10, 2023, continue to register steady growth. After adjusting refunds, net direct tax collection was at Rs 12.31 lakh crore, which is 19 per cent higher than the previous year's collection during the corresponding period.

The ministry said this net collection is 86.68 per cent of the total Budget Estimates of direct taxes for FY2022-23.
On gross terms, collections from corporate income tax (CIT) grew 19.72 per cent, while that for personal income tax (PIT) increased 30.46 per cent.

Refunds amounting to Rs 2.40 lakh crore have been issued during April 1, 2022, to January 10, 2023, which are 58.74 per cent higher than refunds issued during the same period in the preceding year, the ministry said on Wednesday.