Gross direct tax collection rises 24.58% to Rs 14.71 lakh crore till January 10 this fiscal
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The government data has showed that the country's gross direct tax collection rose 24.58 per cent to Rs 14.71 lakh crore till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up. After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year.
The provisional figures of direct tax collections up to January 10, 2023 continue to register steady growth. The net collection is 86.68 per cent of the total budget estimates of direct taxes for the current fiscal. The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal.
On gross basis, collections from corporate income tax (CIT) grew 19.72 per cent, while that for personal income tax (PIT) increased 30.46 per cent. After adjusting refunds, the net growth in CIT collections is 18.33 per cent and that in PIT (including securities transaction tax) is 20.97 per cent. Refunds amounting to Rs 2.40 lakh crore have been issued between April 1, 2022, to January 10, 2023, which are 58.74 per cent higher than refunds issued during the same period last year.
