India’s direct tax collections till November 10 rise by 31%

New Delhi: The government said the provisional figures of collection of direct tax for the financial year 2022-23 continue to register steady growth.

A Finance Ministry release said Direct Tax collections up to November 10, 2022 show that gross collections are at Rs. 10.54 lakh crore, which is 30.69 per cent higher than the gross collections for the corresponding period of last year. It said the net of refunds stood at Rs 8.71 lakh crore, which is 25.71 per cent higher than the net collections for the corresponding period of last year. This collection is 61.31 per cent of the total Budget Estimates of Direct Taxes for FY2022-23.

The growth rate for corporate income tax (CIT) is 22.03 per cent while that for personal income tax (PIT) (including securities transaction tax) is 40.64 per cent. After adjustment of refunds, the net growth in CIT collections is 24.51 per cent and that in PIT collections is 28.06 per cent (PIT only) 27 per cent (PIT including STT), according to the statement.

Refunds amounting to Rs 1.83 lakh crore have been issued during April 1, 2022, to November 10, 2022, which are 61.07 per cent higher than refunds issued during the same period in the preceding year, the ministry of finance said on Friday.