New Delhi: The net direct tax collection rose 24 per to Rs 8.77 lakh crore in April-November of the ongoing fiscal, which is about 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March), the Finance Ministry informed on Monday.
“Direct tax collection net of refund stands at Rs 8.77 lakh crore as of November 30, which is 24.26 per cent higher than the net collection for the corresponding period last year. The collection accounts for 61.79 per cent of Budget Estimates for FY 2022-23.” the ministry tweeted.
Steady growth in Direct Tax collections!
Net collection in FY 2022-23 is 24.26% higher than the net collection for the corresponding period of the preceding year.
61.79% of Budget Estimates for FY 2022-23 already achieved.#NotJustFinance#AatmanirbharForGrowth pic.twitter.com/ybdnhWL2he
— Ministry of Finance (@FinMinIndia) December 12, 2022
Corporate Tax and individual tax make up for direct taxes. In this fiscal year, the Budget estimated direct tax collection at Rs 14.20 lakh crore. While it the collection for the fiscal year 2021-22 was Rs 14.10 lakh crore.
Between April 1 and November 3, the total refunds amounting to Rs 2.15 lakh crore were issued, which is about 67 per cent higher than the previous year.
During the same period, Good And Services Tax (GST) collection was flattened to around Rs 1.45-1.50 lakh crore per month.
The Union government had achieved more than a third of the direct tax collection for this financial year during the April-July period. Overall direct tax collections, net of refunds, including corporation and personal income tax, jumped 40 per cent in the first four months of FY23 to Rs 5 lakh crore, which is nearly 35 per cent of the target of Rs 14.2 lakh crore for the whole fiscal year.
It was mainly due to personal tax collection surpassing corporation tax mop-up amid tightened enforcement and compliance measures.