Published on 12/09/2022 11:15:28 AM | Source: Accord Fintech

Direct tax collection rises by 35.46% to Rs 6.48 lakh crore up to September 8

Posted in Economy News| #India #Economy #IncomeTax #Tax

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Reflecting an uptick in the economy, the Income Tax Department in its latest data released has showed that direct tax collection, including personal income tax, rose by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, 2022 over the gross collections for the corresponding period of last year. In the last fiscal ended March 31, 2022, India's direct tax collection rose by a record 49 per cent to Rs 14.10 lakh crore. The government has estimated to collect Rs 14.20 lakh crore from direct taxes this fiscal. This includes Rs 7.20 lakh crore from corporate taxes and Rs 7 lakh crore from individual taxpayers.

As per the data, direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year. This collection is 37.24 per cent of the total Budget Estimates of Direct Taxes for 2022-23. It said refunds amounting to Rs 1.19 lakh crore have been issued from April 1 to September 8, 2022, which are 65.29 per cent higher than refunds issued during the same period in the preceding year.

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 25.95 per cent while that for PIT (including STT) is 44.37 per cent. After adjustment of refunds, the net growth in CIT collections is 32.73 per cent and that in PIT collections (including STT) is 28.32 per cent.