Team News Riveting
New Delhi, March 11
The provisional figures of Direct Tax collections up to 10th March in the current financial year (FY 2022-23) continue to register steady growth.
Direct Tax collections up to 10th March, 2023 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, stands at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year.
The 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 FY 2022-23.
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 18.08 per cent while that for PIT (including STT) is 27.57 per cent.
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 (PIT only)/ 20.06 per cent (PIT including STT).
Refunds amounting to Rs.2.95 lakh crore have been issued during 1st April, 2022 to 10th March 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.
