Collection Of Corporate Tax Rises By 16.73%, Income Tax By 32.30% Between April 1 To Oct 8: Finance Ministry

Gross collection of direct taxes in the first 6 months of fiscal year 2022-23 was at Rupees 8.98 lakh crore, which is 23.8% higher than the gross collections for the corresponding period of last year.

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New Delhi: Gross collection of taxes on corporate income has increased by 16.74 per cent while the collection of personal income tax has soared by 32.30 per cent between April 1 and October 8, the Ministry of Finance said in a statement on Sunday. The provisional figures of Direct Tax collections up to October 8, 2022, continue to register steady growth, the ministry stated. 

Gross collection of direct taxes in the first six months of the fiscal year 2022-23 was at Rupees 8.98 lakh crore, which is 23.8% higher than the gross collections for the corresponding period of last year, the statement informed. 

Direct Tax collection, net of refunds, stands at Rs. 7.45 lakh crore which is 16.3% higher than the net collections for the corresponding period of last year. This collection is 52.46% of the total Budget Estimates of Direct Taxes for FY 2022-23, according to the Finance Ministry.

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 16.73% while that for PIT (including STT) is 32.30%. After adjustment of refunds, the net growth in CIT collections is 16.29% and that in PIT collections is 17.35% (PIT only)/16.25% (PIT including STT), it added. 

Refunds amounting to Rs.1.53 lakh crore have been issued during the period April 1, 2022 to October 8, 2022, which are 81.0% higher than refunds issued during the same period in the preceding year, the ministry said.

During the month of August in the current fiscal year, a growth of 34 per cent in the collection of corporate tax was registered compared to the corresponding period of the fiscal year 2021-2022.