Direct tax collections up 35.46% in FY23 till 8th Sept

Direct tax collections up to 8 September 2022 show that gross collections are at Rs 6.48 lakh crore, which is 35.46% higher than the gross collections for the corresponding period of last year.

Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore, which is 30.17 % higher than the net collections for the corresponding period of last year. This collection is 37.24% of the total budget estimates of direct taxes for FY 2022-23.

Refunds amounting to Rs 1.19 lakh crore have been issued during 1 April 2022 to 8 September 2022, which are 65.29% higher than refunds issued during the same period in the preceding year.

In terms of gross revenue collections, the growth rate for corporate income tax (CIT) is 25.95% while that for corporate income tax (CIT) (including STT) is 44.37%. After adjustment of refunds, the net growth in CIT collections is 32.73% and that in PIT collections (including STT) is 28.32%.

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