Gross direct tax collection jumps 31% To Rs 10.54 lakh crore

The provisional figures of direct tax collections up to 10 November 2022 stood at Rs 10.54 lakh crore which is 30.69% higher than the gross collections for the corresponding period of last year.

Direct tax collection, net of refunds, stood at Rs 8.71 lakh crore which is 25.71% higher than the net collections for the corresponding period of last year. This collection is 61.31% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.

In terms of gross revenue collections, the growth rate for Corporate Income Tax (CIT) is 22.03% while that for Personal Income Tax (PIT) [including securities transaction tax (STT)] is 40.64%. After adjustment of refunds, the net growth in CIT collections is 24.51% and that in PIT collections is 28.06% (PIT only) 27% (PIT including STT).

Refunds amounting to Rs 1.83 lakh crore have been issued during 1st April 2022 to 10th November 2022, which are 61.07% higher than refunds issued during the same period in the preceding year.

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