India's net direct tax collections up 16.8% YoY to Rs 13.73 lakh cr till March 10

India's gross direct tax collections up till 10 March 2023 stood at Rs 16.68 lakh crore, up 22.58% compared with the corresponding period of last year.

Direct tax collection, net of refunds, were at Rs 13.73 lakh crore, up 16.78% year-on-year. This collection is 96.67% of the total budget estimates and 83.19% of the total revised estimates of direct taxes for FY23.

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 18.08% while that for PIT (including STT) is 27.57%. After adjustment of refunds, the net growth in CIT collections is 13.62% and that in PIT collections is 20.73% (PIT only)/ 20.06% (PIT including STT).

Refunds amounting to Rs.2.95 lakh crore have been issued during 1 April 2022 to 10 March 2023, which are 59.44% higher than refunds issued during the same period in the preceding year.

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