Direct Tax Collections Up By 25 Per Cent To Rs 14.71 Lakh Crore So Far In FY23

The gross direct tax collections up to January 10 stood at Rs 14.71 lakh crore which is 24.58 per cent higher than the gross collections for the corresponding period of last year, according to data released by the government.  

On Wednesday, the Ministry of Finance released the provisional data for the direct tax collection till January 10, 2023. According to the latest data, direct tax collection, the net of refunds stood at Rs 12.31 lakh crore which is 19.55 per cent higher than the net collections for the corresponding period of last year. 

This collection is 86.68 per cent of the total Budget estimates of direct taxes for FY23.

The growth rate for Corporate Income Tax (CIT) was 19.72 per cent while that for Personal Income Tax (including STT) collection grew by 30.46 per cent. After the adjustment of refunds, the net growth in Corporate Income Tax collections was 18.33 per cent, and in Personal Income Tax collections it was 21.64 per cent, the government said.

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Refund amount worth Rs 2.40 lakh crore have been issued from April 1, 2022, to January 10, 2023, which is 58.74 per cent higher than refunds issued during the same period last year, the data showed.

This data on the government’s finances, including tax receipts, are only available for the first eight months of the fiscal year 2022-23. 

The total Goods and Services Tax (GST) collected in December was Rs 1.5 lakh crore, up 2.5 per cent month on month and 15.2 per cent compared to December 2021, according to data released on January 1. So far in the fiscal year 2022-23, monthly GST collections have averaged Rs 1.49 lakh crore, a 20.5 per cent increase over the monthly average in 2021-22.