Direct tax collection up by 16.78% till March FY23

This amount constitutes 96.67% of the total budget estimates and 83.19% of the total revised estimates for direct taxes in FY23

March 13, 2023

The amount has reached INR 13.73 trillion

The growth rate of gross revenue collections for Corporate Income Tax (CIT) is 18.08%

Personal Income Tax (PIT)—including Securities Transaction Tax (STT) increased by 27.57%

From first April 2022 to 10 March 2023, refunds totaling INR 2.95 trillion were issued

India’s net collection of direct taxes, excluding refunds, rose by 16.78% year-on-year, reaching INR 13.73 trillion till March this year, according to data from The Ministry of Finance. 

This amount constitutes 96.67% of the total budget estimates and 83.19% of the total revised estimates for direct taxes in FY23.

The growth rate of gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT)—including Securities Transaction Tax (STT)—is 18.08% and 27.57%, respectively. After adjusting for refunds, the net growth in CIT collections is 13.62%, while the net growth in PIT collections is 20.73% for PIT alone or 20.06% for PIT, including STT.

During the period from 1 April 2022 to 10 March 2023, refunds totaling INR 2.95 trillion were issued, representing a 59.44% increase from the refunds issued during the same period in the previous year.

Source: Business Standard

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