Direct tax collection up by 24% till Feb 10

This growth is mainly due to a surge in personal income tax collection

February 13, 2023

The net direct tax collection, after adjusting for refunds, stands at INR 12.98 trillion

The net collection accounts for 91.39% of the total budget estimates for direct taxes in FY23

Collections from corporate income tax (CIT) grew by 19.33%

Collections from personal income tax (PIT) increased by 29.63%

India’s direct tax collection increased by 24.09%, reaching INR 15.67 trillion as of February 10th 2023, according to a government report. This growth is mainly due to a surge in personal income tax collection.

According to the report, the net direct tax collection, after adjusting for refunds, stands at INR 12.98 trillion, a rise of 18.4% compared to the same period last year.

The net collection accounts for 91.39% of the total budget estimates for direct taxes in the current fiscal year and 78.65% of the revised estimates. The budget estimated direct tax collection to be INR 14.20 trillion for the current fiscal year.

The Central Board of Direct Taxes (CBDT) reported that collections from corporate income tax (CIT) grew by 19.33% and collections from personal income tax (PIT) increased by 29.63%. After adjusting for refunds, the net growth in CIT collections is 15.84% and the net growth in PIT collections is 21.93% (for PIT only) or 21.23% (including securities transaction tax).

Refunds amounting to INR 2.69 trillion have been issued between April 1st, 2022 and February 10th, 2023, a 61.58% increase from refunds issued during the same period last year.

Source: Mint

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