Revenue has been registering a steady growth: Finance Ministry

New Delhi: India’s net direct tax collections till October 8 in the financial year 2022-23 have risen to Rs 7.45 lakh crore, more than half of the Budget targets, the Union Ministry informed on Sunday. It has an increase of 16.3% over the tax inflows during the corresponding period a year back.

Based on the provisional data, net personal income tax collections grew 17.35% rising faster than corporate income tax collections that were up 16.29% net of refunds. Securities Transaction Tax (STT) collections combined with personal income tax receipts grew at a more moderate 16.25%.

Direct tax collections continue to register a steady growth; the Ministry said tax refunds had jumped 81% over the preceding year to reach Rs. 1.53 lakh crore.

Gross revenues from direct taxes were at RS. 8.36 lakh crore on September 17, reflecting a growth of 30.2%.