Direct Tax Collections for 2022-23 Grow 24% as Compared to Corresponding Period of Last Year

New Delhi: Direct Tax collections for 2022-23 are at 15.67 lakh crore rupees till now. The collections are 24.09 per cent higher than gross collections for the corresponding period of last year.

Direct Tax collection, net of refunds, stands at 12.98 lakh crore rupees which is 18.40 per cent higher than the net collections for the corresponding period of last year. This is 91.39 per cent of the total Budget Estimates of Direct Taxes for 2022-23 and 78.65 per cent of the Revised Estimates of Direct Taxes for 2022-23.

The growth rate for Corporate Income Tax (CIT) is 19.33 per cent while that for Personal Income Tax (PIT) is 29.63 per cent. After the adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent.

Refunds amounting to 2.69 lakh crore rupees have been issued from 1st April 2022 to 10th February this year. The refunds are 61.58 per cent higher than refunds issued during the same period in the preceding year.