Direct Tax Collections for F.Y. 2022-23 up to 10.11.2022

The provisional figures of Direct Tax collections up to 10^th November, 2022 continue to register steady growth. Direct Tax collections up to 10^th November, 2022 show that gross collections are at Rs. 10.54 lakh crore which is 30.69% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 8.71 lakh crore which is 25.71 % higher than the net collections for the corresponding period of last year. This collection is 61.31% of the total Budget Estimates of Direct Taxes for F.Y. 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 22.03% while that for PIT (including STT) is 40.64%. After adjustment of refunds, the net growth in CIT collections is 24.51% and that in PIT collections is 28.06% (PIT only) 27% (PIT including STT).

Refunds amounting to Rs.1.83 lakh crore have been issued during 1^st April, 2022 to 10^th November, 2022, which are 61.07% higher than refunds issued during the same period in the preceding year.