The Union Ministry of Finance on Sunday said that Direct Tax collections up to October 8, 2022 continue to register steady growth, with provisional gross collections at Rs 8.98 lakh crore, 23.8 percent more than the corresponding period last year.
“Direct Tax collection, net of refunds, stands at Rs. 7.45 lakh crore which is 16.3 percent higher than the net collections for the corresponding period of last year. This collection is 52.46 percent of the total Budget Estimates of Direct Taxes for FY 2022-23,” the Ministry of Finance said in a statement.
In terms of gross revenue collections, the growth rate for Corporate Income Tax (CIT) is 16.73 percent, while the growth rate for Personal Income Tax (PIT) (including STT) is 32.30 percent. After adjustment of refunds, the net growth in CIT collections is 16.29 percent, while the net rise in PIT collections is 17.35 percent (PIT only)/16.25 percent (PIT including STT).
Refunds of Rs 1.53 lakh crore were issued between April 1, 2022, and October 8, 2022, which is 81.0 percent more than refunds issued during the same period in the previous year.
