Net Tax collections at ₹13.73 lakh crore; 16.78 percent higher

New Delhi: The provisional figures of direct tax collection continue to register growth with the collection till March 10 amounting to ₹16.68 lakh crore. The tax collection is 22.58 per cent higher than the amount collected till the corresponding period last year.

Direct Tax collection, net of refunds, stands at ₹13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year. This collection is 96.67 per cent of the total Budget Estimates and 83.19 per cent of the Total Revised Estimates of Direct Taxes for the Financial year 2022-23.

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 18.08 per cent while that for PIT (including STT) is 27.57 per cent. After the adjustment of refunds, the net growth in CIT collections is 13.62 per cent and that in PIT collections is 20.73 per cent (PIT only)/ 20.06 per cent (PIT including STT).

Refunds amounting to ₹2.95 lakh crore have been issued from 1st April 2022 to 10th March 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.

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Rahul Bhandari is Editor of TheNewsHimachal and has been part of the digital world for last 15 years.