IGI Logo

The finance ministry has said that gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, buoyed by personal income tax collection. The gross tax collection exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent.

After adjusting for refunds, the net income tax paid by individuals and corporates, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023. The net direct tax collections have exceeded the BE by 16.97 per cent and RE by 0.69 per cent.

The government had set a budget target of Rs 14.20 lakh crore for direct tax collection, which was revised upwards to Rs 16.50 lakh crore in the RE. For 2023-24 fiscal, which began on April 1, the direct tax mop-up target is Rs 18.23 lakh crore. It said ‘The Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs 19.68 lakh crore showing a growth of 20.33 per cent over the gross collection of Rs 16.36 lakh crore in FY 2021-22’.

Refunds worth over Rs 3.07 lakh crore were issued during the fiscal, an increase of over 37 per cent over the 2021-22 fiscal. During 2022-23 fiscal, gross corporate tax collection grew 16.91 per cent at over Rs 10.04 lakh crore. Gross personal I-T collection jumped 24.23 per cent to over Rs 9.60 lakh crore.