Net direct tax collections jumps 16.78 per cent to Rs. 13.73 lakh crore

The provisional figures of Direct Tax collections up to 10^th March, 2023 continue to register steady growth. Direct Tax collections up to 10^th March, 2023, show that gross collections are at Rs. 16.68 lakh crore which is 22.58 per cent higher than the gross collections for the corresponding period of last year according to Central Board of Direct Taxes.

Direct Tax collection, net of refunds, stood at Rs. 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% of the Total Revised Estimates of Direct Taxes for F.Y. 2022-23.

So far as the growth rate for Corporate Income Tax and Personal Income Tax in terms of gross revenue collections is concerned, the growth rate for Corporate Income Tax is 18.08 per cent while that for Personal Income Tax (including STT) is 27.57 per cent. After adjustment of refunds, the net growth in CIT collections is 13.62% and that in Personal Income Tax collections is 20.73% ( Personal Income Tax only) / 20.06% ( Personal Income Tax including STT).