Direct Tax Collections for F.Y. 2022-23 up to 10.01.2023

Direct Tax Collections for F.Y. 2022-23 up to 10.01.2023

Gross collections at Rs. 14.71 lakh crore 24.58% higher than the corresponding period of last year

Net collection 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23

The provisional figures of Direct Tax collections up to 10^th January, 2023 continue to register steady growth. Direct Tax collections up to 10^th January, 2023 show that gross collections are at Rs. 14.71 lakh crore which is 24.58% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year. This collection is 86.68% 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 19.72% while that for PIT (including STT) is 30.46%. After adjustment of refunds, the net growth in CIT collections is 18.33% and that in PIT collections is 21.64% (PIT only)/ 20.97% (PIT including STT).

Refunds amounting to Rs. 2.40 lakh crore have been issued during 1^st April, 2022 to 10^th January 2023, which are 58.74% higher than refunds issued during the same period in the preceding year.