Ministry of Finance released the provisional figures of Direct Tax collections up to February 10, 2023.
Direct Tax Collections for FY 2022-23 stood at Rs 15.67 lakh crore, which is 24.09% higher than gross collections for corresponding period of last year as on February 10, 2023, the ministry stated in a PIB release.
Direct Tax collection, net of refunds, stands at Rs. 12.98 lakh crore which is 18.40% higher than the net collections for the corresponding period of last year.
This collection is 91.39% of the total Budget Estimates of Direct Taxes for FY 2022-23 and 78.65% of the 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 19.33% while that for PIT (including STT) is 29.63%.
After adjustment of refunds, the net growth in CIT collections is 15.84% and that in PIT collections is 21.93% (PIT only)/ 21.23% (PIT including STT).
Refunds amounting to Rs. 2.69 lakh crore have been issued during April 01, 2022 to February 10, 2023, which are 61.58% higher than refunds issued during the same period in the preceding year.
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