India's Gross Direct Tax Collections Jump 24.6% To Rs 14.71 Lakh Crore In FY23 Till January 10

India’s gross direct tax collection jumped 24.58 per cent to Rs 14.71 lakh crore till January 10 during the current financial year 2022-23, buoyed by an upsurge in personal income tax mop-up, according to the latest government data.

After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year. The net collection is 86.68 per cent of the total budget estimates of direct taxes for the current fiscal. The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal.

On a gross basis, collections from corporate income tax (CIT) grew 19.72 per cent, while that for personal income tax (PIT) increased 30.46 per cent.

“The provisional figures of direct tax collections up to 10th January, 2023 continue to register steady growth. Direct tax collections up to 10th January, 2023 show that gross collections are at Rs 14.71 lakh crore which is 24.58 per cent higher than the gross collections for the corresponding period of last year,” the Central Board of Direct Taxes (CBDT) said in a statement.

After adjusting refunds, the net growth in CIT collections is 18.33 per cent and that in PIT (including securities transaction tax) is 20.97 per cent.

Refunds amounting to Rs 2.40 lakh crore have been issued between April 1, 2022, to January 10, 2023, which are 58.74 per cent higher than refunds issued during the same period last year.

Till November 11 in the current financial year 2022-23, net direct tax collections in India had also jumped 24.26 per cent year-on-year (YoY) to Rs 8.77 lakh crore, thus showing a steady growth. This was 61.79 per cent of the total budget estimate of direct taxes for FY23.

Tax collection is an indicator of economic activity in any country. The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes.

(With Inputs From PTI)

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