Direct Tax Collections Up By 24% To Rs 15.67 Lakh Crore Till February 10

Direct Tax collection, net of refunds, stands at Rs 12.98 lakh crore, 18.40 per cent higher than net collections for the corresponding period of last year

This collection is 91.39 per cent of the total Budget Estimates of Direct Taxes for the fiscal year 2022-23.

Source : Canva

The gross direct tax collections till February 10, stood at Rs 15.67 lakh crore, 24.09 per cent higher than gross collections for the corresponding period of last year, according to the latest figures released by the Ministry of Finance. The provisional figures of direct tax collections up to February 10 showed steady growth, the ministry said. 

The Ministry of Finance in a press release on Saturday said that the direct tax collection after the net of refunds stood at Rs. 12.98 lakh crore which is 18.40 per cent higher than the net collections for the corresponding period of last year.

This collection is 91.39 per cent of the total Budget estimates of direct taxes for the fiscal year 2022-23 and 78.65 per cent of the revised estimates of direct taxes for the fiscal year 2022-23, the ministry said. 

So far as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collections is 19.33 per cent and 29.63 per cent respectively. After the adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent. 

The ministry said, "The growth rate for CIT is 19.33 per cent while that for PIT (including STT) is 29.63 per cent. After adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent (PIT only)/ 21.23 per cent (PIT including STT)."

Refunds amounting to Rs. 2.69 lakh crore have been issued from April 1, 2022, to February 10, 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding year.

The Budget 2023 estimated tax revenue of Rs 33.6 trillion for FY24, which is 10.4 per cent higher than the Rs 30.4 trillion projected in the revised estimates for the current financial year (FY23). The government had projected a tax revenue target of Rs 27.5 trillion for FY23. The direct tax component for the Budget 2023 is estimated at Rs 18.23 trillion. This includes corporation tax of Rs 9.2 trillion and income tax of Rs 9 trillion.