Direct tax collection grew 24 per cent so far this year
The gross tax collection between April 1 and October 8 this year has jumped nearly 24 per cent, according to the Ministry of Finance.
New Delhi : The gross tax collection between April 1 and October 8 this year has jumped nearly 24 per cent, according to the Ministry of Finance.
The ministry said in a statement that the provisional figures showed that direct tax collection continued to register steady growth. It said the gross tax collection was at Rs 8.98 lakh crore, a jump of 23.8 per cent compared to the corresponding period last year.
Net direct tax collection had crossed Rs 7 lakh crore by September 17. It now stood at Rs7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period last year.
This collection is 52.46 per cent of the total Budget Estimates of direct taxes for the financial year 2022-23 (FY23).
The statement added that so far as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 16.73 per cent while that for PIT (including STT) is 32.30 per cent.
After the adjustment of refunds, the net growth in CIT collections is 16.29 per cent and that in PIT collections is 17.35 per cent (PIT only)/16.25 per cent (PIT including STT).
The statement also said refunds amounting to Rs1.53 lakh crore have been issued between April 1 and October 8, which is 81 per cent higher than refunds issued during the same period in the preceding year.