Direct Tax collections rise 31% YoY at Rs 10.54 trillion till November 10

Refunds amounting to Rs 1.83 trillion were issued during 1st April, 2022 to 10th November, 2022

The government on Friday released the figrues for direct tax collection up to November 10, 2022. The gross collections came at Rs 10.54 trillion, up 30.69 per cent than the gross collections for the corresponding period of last year.

Direct Tax collection, net of refunds, stood at Rs 8.71 trillion, which is 25.71 per cent higher than the net collections year-on-year (YoY). According to the government, this collection is 61.31 per cent of the total Budget Estimates of Direct Taxes for FY23.

The Corporate Income Tax (CIT) gross revenue collections came in at 22.03 per cent, while that for Personal Income Tax (PIT) including STT, came at 40.64 per cent. After adjustment of refunds, the net growth in CIT collections was 24.51 per cent and that in PIT collections is 28.06 per cent (PIT only) 27 per cent (PIT including STT).

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